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Crompton Greaves shares took a tumble in the stock exchanges in the afternoon session today after the company’s first quarter results for the current financial year showed its net profit taking a hit despite an increase in net sales.
The counter witnessed a huge volume of trading of nearly 89.50 lakh shares by 3.05 pm. The shares were quoting at around Rs 212.45 on the NSE, down by about Rs 30 from the day’s high of Rs 243.70.
According to the unaudited financial results for Q1 ending June 30, 2011, income from operations was Rs 1543.76 crore compared with Rs 1415.47 crore in the same period last fiscal. Raw material costs jumped to Rs 830.96 crore (Rs 712.67 crore). Employee cost and depreciation and amortisation costs were also higher.
Profit from ordinary activities before tax slumped to Rs 172.31 crore (Rs 207.54 crore). Though the total tax outgo was less at Rs 43.29 crore (Rs 65.37 crore), the net profit was down at Rs 129.02 crore compared with Rs. 142.17 crore in the same period last fiscal.
The scrip, from the day’s high of Rs 243.70, had lost Rs 29.85 (-12.32 per cent) by 3.05 pm to trade at Rs 212.45 and there was a surge in volume of trading in the counter with about 89.47 lakh shares having been traded.
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