CARE weakens after Q1 net profit drops 34%

Net profit for Apr-Jun 2015 dipped 34% to Rs 17.49 crore compared with Rs 26.49 crore in Apr-Jun 2014

Shares of Credit Analysis & Research (CARE) declined 2% to Rs 1,442 after the company reported 34% decline in net profit at Rs 17.49 crore for the quarter ended June 30, 2015 compared with Rs 26.49 crore for the corresponding quarter ended June 30, 2014.

However, net income from services increased 13% to Rs 48.34 crore for the quarter ended June 30, 2015 compared with Rs 42.68 crore in the same quarter last fiscal.

The stock of the credit rating agency opened at Rs 1,450 and touched a low of Rs 1,406. At 1PM, nearly 38,000 shares were traded on both the stock exchanges.