Sadbhav's Q1 net profit down 69% on higher expenses

Firm clocked Rs 52 cr net profit in the same quarter last fiscal

Sadbhav Engineering's net profit dipped a little over 69% during the April-June quarter to Rs 16.13 crore on higher expenses.

The Ahmedabad-based firm, having interests in engineering and construction apart from power generation, had clocked Rs 52.39 crore net profit in the same quarter last fiscal, it said in a BSE filing.

Total income of the company, however, rose to Rs 563.23 crore from Rs 421.49 crore for the same period last year. Majority of the revenue came from the engineering and construction sector.

Expenditure also went up to Rs 515.17 crore compared to Rs 390.21 crore during the April-June quarter of last fiscal, mainly due to a significant rise in construction expenses from Rs 353 crore to Rs 473 crore.

A Rs 10.54 crore rise in finance costs also impacted the bottomline.

Shares of the company were trading at Rs 73.10 apiece, up 4.35% during the afternoon trade on the BSE.

In a separate filing, Sadbhav Engineering said its Board has approved allocation of 80 lakh convertible warrants to the members of the promoters and promoter group at a price of Rs 115.75 each.