 "Brokers trade at their computer terminals at a stock brokerage firm in Mumbai. Photo: Reuters")
HPL Electric & Power has tanked 12% to Rs 111, extending its 18% fall in past three trading sessions on the BSE, after reported a sharp 74% year on year (YoY) drop in consolidated net profit at Rs 3.97 crore for the quarter ended September 30, 2016 (Q2FY17). The company had posted a profit of Rs 15.10 crore in the same quarter last year.
Total income operations declined by 35% YoY to Rs 214 crore in Q2FY17, against Rs 330 crore in the corresponding quarter of previous year.
HPL Electric & Power said the performance has been affected due to the slower off take of the metering orders by the utility including large materials manufactured against order & held ‘under inspection’. This also resulted in increase in inventories.
The stock of electrical equipment manufacturer is now trading 45% below its initial public offer (IPO) price of Rs 202 per share.
HPL Electric manufactures electrical equipment such as metering solutions, switchgears and wires under the HPL brand had raised Rs 360 crore through IPO in October this year.
At 01:17 pm, the stock was down 11% at Rs 112 on BSE, as compared to 0.38% rise in the S&P BSE Sensex. A combined 473,651 shares changed hands on the counter on the BSE and NSE so far.
Total income operations declined by 35% YoY to Rs 214 crore in Q2FY17, against Rs 330 crore in the corresponding quarter of previous year.
HPL Electric & Power said the performance has been affected due to the slower off take of the metering orders by the utility including large materials manufactured against order & held ‘under inspection’. This also resulted in increase in inventories.
The stock of electrical equipment manufacturer is now trading 45% below its initial public offer (IPO) price of Rs 202 per share.
HPL Electric manufactures electrical equipment such as metering solutions, switchgears and wires under the HPL brand had raised Rs 360 crore through IPO in October this year.
At 01:17 pm, the stock was down 11% at Rs 112 on BSE, as compared to 0.38% rise in the S&P BSE Sensex. A combined 473,651 shares changed hands on the counter on the BSE and NSE so far.
