Videocon Industries Q1 net down 70% at Rs 50 cr

Diversified business group Videocon Industries today reported 69.81% dip in standalone net profit at Rs 50.32 crore for the quarter ended March 31, 2012.

The company had posted a net profit of Rs 166.69 crore in the same period of previous fiscal, Videocon Industries said in a filing to the BSE.

The total standalone total income from operations stood at Rs 2,996.31 crore for the quarter against Rs 3,115.76 crore in the year-ago period, down 3.83%.

The company had said yesterday that it will raise $51.02 million (over Rs 270 crore) through issue of securities on a private placement basis from overseas market.

Shares of Videocon Industries today closed at Rs 171.25 apiece on the BSE, up 0.62% from its previous close.