Jewellery and watchmaker Titan on Tuesday reported a 23.1% year-on-year decline in consolidated net profit to Rs 704 crore for the quarter ended September, missing Street estimates by a wide margin. The drop came amid a customs duty reduction announced during the Budget in July, the company said. A poll of analysts by Bloomberg had pegged the net profit at Rs 969 crore on the back of a revival in demand for gold. Titan managing director CK Venkataraman said that the customs duty-related losses as well as the need to invest in various businesses had depressed profitability in Q2.