Bharati Shipyard today reported a decline of 29.66% in its net profit for the third quarter (Q3) ended December 31, to Rs 23.16 crore due to rise in interest payments.
The company had reported a net profit of Rs 32.93 crore during the corresponding quarter of 2009-10.
Net sales of the company rose 7.97% to Rs 344.97 crore for the quarter, as against Rs 319.48 crore it had reported in Q3 of 2009-10, it said in a filing to the Bombay Stock Exchange (BSE).
For the October-December, 2010 quarter, the company paid Rs 63.47 crore in interest on loans, vis-a-vis Rs 23.05 crore during Q3 in the last fiscal, Bharati said.
The company's scrip closed today at Rs 156.50 apiece on the BSE, down 2.80% from the previous close.