Shares of Action Construction Equipment fell more than 3% in early trade on May 21 after the company reported a mixed set of consolidated fourth-quarter results, with net profit declining despite steady revenue growth.
At around 9:47 AM IST, Action Construction Equipment shares were trading near Rs 867, down over 3% from the previous close of Rs 896.85. The stock opened at Rs 889.05 and touched an intraday low of Rs 867.00 during the session. The stock’s 52-week high stands at Rs 1,389.00, while the 52-week low is Rs 745.10. Live traded volume stood at 1.88 lakh shares.
For the March quarter, the company reported consolidated revenue of Rs 1,029 crore, up 7.1% year-on-year compared to Rs 961 crore in the corresponding quarter last year.
EBITDA rose 5.3% to Rs 172 crore from Rs 164 crore a year ago. However, EBITDA margin narrowed to 16.7% from 17.0%, indicating some pressure on operating profitability.
Net profit for the quarter declined 6.5% year-on-year to Rs 111 crore versus Rs 119 crore reported in the same period last year.
The decline in profit and slight contraction in margins appeared to weigh on investor sentiment despite the company reporting higher revenue growth during the quarter.