CMC has dipped 5% to Rs 1,880 after reporting a lower-than-expected 10% year on year (yoy) rise in consolidated net profit at Rs 58 crore for the June quarter (Q1). Analysts on an average had expected profit of Rs 91 crore for the quarter.
The company had reported consolidated net profit of Rs 53 crore in the corresponding quarter last year.
Income from operations grew 21.9% to Rs 593 crore during the quarter under review from Rs 486 crore in the April-June 2013 period, CMC said in a statement.
However, on a sequential basis, the net profit dipped from Rs 89 crore, while income from operations was lower from Rs 623 crore in the January-March 2014 quarter.
The stock opened at Rs 1,909 and touched a low of Rs 1,845 on National Stock Exchange (NSE). A combined 85,000 shares changed hands on the counter so far on NSE and BSE.
The company had reported consolidated net profit of Rs 53 crore in the corresponding quarter last year.
Income from operations grew 21.9% to Rs 593 crore during the quarter under review from Rs 486 crore in the April-June 2013 period, CMC said in a statement.
However, on a sequential basis, the net profit dipped from Rs 89 crore, while income from operations was lower from Rs 623 crore in the January-March 2014 quarter.
The stock opened at Rs 1,909 and touched a low of Rs 1,845 on National Stock Exchange (NSE). A combined 85,000 shares changed hands on the counter so far on NSE and BSE.
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