Videocon Industries Q1 Net down 79% to Rs 11 crore

Company reported standalone net profit of Rs 50 crore for the same quarter a year ago

Videocon Industries today reported 78.78% decline in standalone net profit at Rs 10.63 crore for the first quarter ended June 30, 2013, mainly on the account of sharp increase in finance cost.

The company had reported standalone net profit of Rs 50.11 crore for the same quarter a year ago.

Videocon Industries' finance cost increased by 54.54% to Rs 602.84 crore in the quarter under review as against Rs 390.08 crore in the corresponding quarter last year, the company said in a BSE filing.

Net sales during the quarter were at Rs 3,032.45 crore, marginal increase of 0.48% compared with Rs 3,018.02 crore in the same quarter last year.

Its revenue from consumer electronics and home appliances during the quarter increased by 4.73% to Rs 2,778.75 crore, and crude oil and natural gas declined by 29.29% to Rs 259.82 crore.

Revenue from power increased by 6.25% to Rs 3.91 crore.

Overall expenses during the quarter increased by 1.41% to Rs 2,673.84 crore.