Titan Company Ltd posted a 6.17 per cent higher profit at ₹370.73 crore in the first quarter of the current fiscal, boosted by the performance of its watches division.

The total income of the company grew 14.72 per cent to ₹4,995.64 crore. The jewellery division recorded an income growth of 13.3 per cent to ₹4,047 crore. The growth in the jewellery segment was adversely impacted by high gold prices, especially during June.

The watches business grew 20.4 per cent to ₹715 crore. The eyewear business grew 13.1 per cent to ₹149 crore. Its other businesses comprising accessories, fragrances and sarees grew 37.9 per cent to ₹36 crore.

“The macro-economic environment, coupled with lower consumption, have impacted some of our businesses. The retail growth in jewellery was driven by encouraging performance in the studded as well as wedding jewellery segments. However, there has been a weak consumer sentiment prevailing across, especially in jewellery,” said Bhaskar Bhat, Managing Director.

The profit growth for the company appears subdued due to investments made in biennial overseas conferences for business associates across all divisions as well as the impact of wage settlement with unionised employees that was cordially concluded during the quarter. The company is gearing up on all fronts across its portfolio of brands and businesses to stimulate demand in the coming quarter through innovative campaigns and new product launches, added Bhat.