Titan shares tumble over 2% after Q3 PAT falls marginally. What should investors do?
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Titan shares tumbled by 2.4% to an intraday low of Rs 3,512.65 on the BSE after the consumer discretionary major reported a marginal dip (-0.6%) in its third quarter consolidated net profit to Rs 1,047 crore, even as the total income rose 25% YoY to Rs 17,723 crore. The profit before tax during the quarter was flat at Rs 1,396 crore, mainly due to the impact of customs duty reduction on gold. Titan said the custom-duty-related losses on the inventory (held at the time of the duty change) have been fully realised in this quarter and hence the profitability is lower to that extent. “We are committed to investing in the growths of all our businesses and specifically the emerging ones to help them scale faster. We remain optimistic on our performance and hope to end the fiscal year with a good growth over FY24," said CK Venkataraman, MD, Titan. Consolidated EBIT for the third quarter rose 5% YoY to Rs 1,627 crore. However, EBIT margins c...