Chennai-based Numeric Power Systems Ltd reported close to 34 per cent drop in net profit at Rs 7.2 crore for the quarter ended December 31, 2011, against Rs 10.9 crore in the comparable previous-year quarter.
This is despite a marginal increase in income from operations at Rs 137 crore during the quarter from Rs 133 crore last year. Expenditure went up by over 9 per cent during the quarter.
Earnings per share works out to Rs 7.13 as against Rs 10.78 last year.
Attributing the increased expenditure to the depreciating rupee against the dollar, Mr R. Chellappan, Managing Director of the company, said over 30 per cent of the components are imported and hence “there was an enormous pressure on input cost.” And, since most of the company's business is based on rate contracts and ongoing projects, it could not carry out any price correction immediately during the period. “However, we hope to recover the losses in the months to come,” he said.