Engineers India plunged 13% to Rs 240 on the BSE after posting a sharp drop in net profit at Rs 80 crore for the first quarter ended June 2014 (Q1), on the back of lower sales and higher expenditure. The company had recorded a profit of Rs 129 crore in the same quarter year ago.
Net sales declined 2% to Rs 435 crore in Q1 June 2014 over Q1 June 2013.
The company's total expenditure rose 15% to Rs 386 crore from Rs 329 crore cn the corresponding quarter last fiscal.
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Engineers India (EIL) is one of the leading design and engineering organizations in South Asia. EIL provides engineering consultancy and EPC services principally focused on the oil & gas and petrochemical industries.
The stock opened at Rs 269, touched a high of Rs 270 and a low of Rs 238 on the BSE. A total of 1,701,604 shares have been exchanged on the NSE so far.