Titan Company on Wednesday reported a 38% plunge in net profit to ₹199 crore for the second quarter ended September 30 from a year earlier.
Total income fell 1.7% to ₹4,389 crore.
For the first half, total income stood at ₹6,290 crore, a decline of 34% from the year-earlier period. The company posted a loss of ₹71 crore against a profit of ₹691 crore.
During the quarter, the company sold gold to the extent of ₹391 crore, posting a decline of 11% in bullion sales.
“E-commerce is leading the recovery with absolute growth but the trade channel continues to pose challenges primarily due to destocking,” Titan said in a regulatory filing.
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