KEC International tumbled 6.41% to Rs 25.55 at 15:10 IST on BSE after the company reported a consolidated net loss of Rs 8.84 crore in Q1 June 2013 compared with a net profit of Rs 33.16 crore in Q1 June 2012.
The result was announced on Saturday, 3 August 2013.
Meanwhile, the S&P BSE Sensex was up 22.68 points, or 0.12%, to 19,186.70.
On BSE, 29,000 shares were traded in the counter as against an average daily volume of 59,213 shares in the past one quarter.
The stock hit a low of Rs 25.15 so far during the day, which is also a 52-week low for the counter. The stock hit a high of Rs 27 so far during the day. The stock had hit a 52-week high of Rs 80.70 on 29 October 2012.
The stock had underperformed the market over the past one month till 2 August 2013, sliding 18.51% compared with the Sensex's 1.54% fall. The scrip had also underperformed the market in past one quarter, sliding 48.44% as against Sensex's 2.90% fall.
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The small-cap company has an equity capital of Rs 51.42 crore. Face value per share is Rs 2.
Consolidated net sales rose 28.5% to Rs 1718.44 crore in Q1 June 2013 over Q1 June 2012.
KEC International reported an exceptional item, relating to implementation of Voluntary Retirement Scheme (VRS) at Thane cable manufacturing facility. The total cost of VRS was Rs 18 crore (net of taxes Rs 12 crore).
Meanwhile, the company said it secured new orders worth Rs 804 crore in transmission and telecom businesses.
In transmission business, the company has entered Tanzania by securing an order for design, supply and erection of 400 kilovolt double circuit transmission line under the Tanzania Backbone Transmission Investment Project. The order is secured from Tanzania Electric Supply Company. The order value is Rs 772 crore.
In the telecom business, the order is for establishing Optical Power Ground Wire (OPGW) communication network in the Western region of India. The order is secured from Power Grid Corporation of India (PGCIL). The order value is Rs 34 crore.
Including these orders, total order intake during current financial year is Rs 2185 crore. The current order book stands at Rs 10056 crore, the company said.
Mr. Ramesh Chandak, MD & CEO of the company commented "Our top-line growth continues to be good backed by strong execution and a healthy order book. On the profitability front, our transmission business margins continue to be good. Overall profitably is impacted on account of execution of projects in our new businesses."
KEC International is global infrastructure Engineering, Procurement and Construction (EPC) major. It has presence in the verticals of Power Transmission, Power Systems, Cables, Railways, Telecom and Water. The company has powered infrastructure development in 49 countries across Africa, Americas, Central Asia, Middle East, South Asia and South East Asia. It is the flagship company of the RPG Group.
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