Titan Company Ltd. has reported a net loss of Rs. 297 crore in the April-June quarter in the current fiscal year against a net profit of Rs. 364 crore in the corresponding period a year ago.

Due to the COVID-19 pandemic, the total income of the firm in the June quarter declined by 61.21 per cent to Rs. 2,020 crore, as compared to Rs. 5,208 core in the earlier period. The company’s jewellery division income declined by 56 per cent to Rs.1,783 crore in the quarter ended on June, 30 against Rs 4,047 crore in the same quarter previous year. The firm’s watches business income dropped by 90 per cent to Rs.75 crore against Rs.715 crore in the preceding year. The revenue of the eyewear business dropped by 80 per cent to Rs.30 crore compared to Rs 149 crore a year earlier.

The company said its performance is affected due to the disruption caused by the coronavirus pandemic and the decline in income is due to the closed retail outlets as the lockdown was imposed nationwide during this quarter. The company also added that consumer’s sentiments have been severely impacted because of the economic downturn. The recovery rate in the revenue of the company started slowly with 21 per cent in watches and wearables, 77 per cent in the jewellery division and 25 per cent in eyewear division.