Timken India tanks as Q1 net halves

EBITDA margins declined to 6.95% in Q1 FY13 from 16.04% in Q1 FY12.

Timken India has tanked over 7% at Rs 207 on reporting 63% year-on-year (y-o-y) fall in net profit at Rs 6.91 crore for the quarter ended June 2012, due to higher expenditure. The company had profit of Rs 18.72 crore in a year ago quarter.

The total operational income grew 9% at Rs 171 crore, while total expenditure jumped 20% at Rs 162 crore on y-o-y basis. The EBITDA (earnings before interest, taxes, depreciation, and amortization) margins declined to 6.95% from 16.04% during the recently concluded quarter.

The stock opened at Rs 219 and hit a low of Rs 206 on the Bombay Stock Exchange. A combined 525,168 shares have changed hands on the counter so far.