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.
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.
