Engineers India dips on disappointing Q1 results

The stock dipped 5% to Rs 224 after the company reported 29% Y-o-Y decline in net profit at Rs 56.80 crore in the June quarter.

Shares of Engineers India dipped by 5% to Rs 224 on the BSE after the company reported 29% year-on-year (Y-o-Y) decline in net profit at Rs 56.80 crore for the first quarter ended June 30, 2015 (Q1), due to lower operational income. The state-owned company had posted a profit of Rs 80.40 crore in the year-ago quarter.

The company's total income from operations in the quarter also declined 10% to Rs 391 crore on a Y-o-Y basis.

Analysts on an average had expected net profit of Rs 80 crore on revenues of Rs 441 crore for the quarter.

At 09:24 AM, the stock was down 3.7% at Rs 227 on the BSE. A combined 154,752 shares changed hands on the counter on the BSE and NSE.