Shares of Bharat Electronics fell on weak March-quarter results. The stock fell as much as 4.4 per cent to Rs 117.35, its biggest intraday percentage decline since May 16.
Bharat Electronics Ltd’s sales decreased by 9.5 per centyoy to Rs 3,608.5 crore from Rs 3,987.7 crore in Q4FY17. Operating profit declined by 18.7 per cent yoy to Rs 796.2 crore from Rs 979.6 crore in Q4FY17, while EBITDA margin declined from 24.6 per cent in Q4FY17 to 22.1 per cent in Q4FY18.
Net profit during the quarter decreased by 29.4 per cent yoy to Rs 558.7 crore vs. Rs 791.7cr in Q4FY17 due to decline in operating profit and other income.
The stock was the top percentage loser on the Nifty 100 index. The company’s return on equity is 18.18 per cent, below the sector average of 20.31 per cent. Up to Tuesday's close, the stock had fallen 32.6 per cent this year, while the Nifty 100 index remained largely unchanged.