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Shares of Crompton Greaves dipped 9.4% to Rs 174 on the NSE after the company reported a sharp 75% year-on-year (YoY) decline in its consolidated net profit at Rs 16 crore for the quarter ended June 30, 2015 (Q1), due to poor performance of the power systems segment.
The company had posted a profit of Rs 64 crore in the same quarter a year ago.
Net sales too declined by 8% at Rs 3,166 crore in the June quarter against Rs 3,442 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected net profit of Rs 76 crore on net sales of Rs 3,506 crore.
EBITDA (earnings before interest, tax, depreciation and amortization) margins halved at 2.5% in the June quarter against 5.2% in the year-ago quarter.
The company’s power systems segment reported loss before tax and finance cost of Rs 72 crore against a profit of Rs 36 crore in the previous year's corresponding quarter.
At 02:55 pm, the stock was down 6% at Rs 181 on the NSE and has seen a combined 6.46 million shares changing hands on the counter on the NSE and BSE.
The company had posted a profit of Rs 64 crore in the same quarter a year ago.
Net sales too declined by 8% at Rs 3,166 crore in the June quarter against Rs 3,442 crore in the corresponding quarter of previous fiscal.
Analysts on an average had expected net profit of Rs 76 crore on net sales of Rs 3,506 crore.
EBITDA (earnings before interest, tax, depreciation and amortization) margins halved at 2.5% in the June quarter against 5.2% in the year-ago quarter.
The company’s power systems segment reported loss before tax and finance cost of Rs 72 crore against a profit of Rs 36 crore in the previous year's corresponding quarter.
At 02:55 pm, the stock was down 6% at Rs 181 on the NSE and has seen a combined 6.46 million shares changing hands on the counter on the NSE and BSE.
