Lower sales and higher interest outgo impacted Bharati Shipyard's bottom line as the ship maker today reported 93% dip in net profit at Rs 1.62 crore for the quarter ended December 31, 2011.
The company had clocked Rs 23.16 crore net profit in the corresponding quarter last fiscal, it said in a communique to the Bombay Stock Exchange (BSE).
Net sales of the company also declined to Rs 259.27 crore compared to Rs 344.97 crore in the October-December quarter of last fiscal.
Interest and financial charges of the company inflated to Rs 96.30 crore during the October-December quarter of current fiscal against Rs 62.33 crore in the same quarter last fiscal.
Bharati Shipyard's scrips today closed at Rs 94.80 per share in the BSE, up 0.64% over the previous day's closing.