Alstom India weakens after Q1 net drops 47%

Net profit for Apr-Jun 2015 was down 47% at Rs 8,05 crore compared with Rs 14.99 crore in Apr-Jun 2014

Shares of Alstom India were down nearly 3% at Rs 800 on the Bombay Stock Exchange after the company reported 47% drop in net profit at Rs 8.05 crore for the quarter ended June 30, 2015 compared with Rs 14.99 crore in the same quarter last fiscal.

Net sales for the quarter under review declined 9% to Rs 425 crore compared with Rs 469 crore in the quarter ended June 30, 2014.

The proposed Joint venture of ALSTOM India Limited and Alstom Transport S.A. (“ATSA”) has been issued a Letter of Acceptance by Dedicated Freight Corridor Corporation of India Limited for an accepted contract amount of approximately Rs. 1,497 crore, the company said in a release.

The stock opened at Rs 800 and touched a low of Rs 788. At 12:35PM, over 100,000 shares were traded on both the stock exchanges.