Shares of Elecon Engineering Company fell nearly 8% on Thursday following the release of its Q1 results, which showed a slight increase in net profit but a decline in sales.
Elecon Engineering reported a 0.55% rise in net profit to Rs 73.36 crore for the quarter ended June 2024, compared to Rs 72.96 crore in the same quarter of the previous year. However, sales dropped by 5.30% to Rs 392.36 crore from Rs 414.34 crore in the year-ago period.
Despite a small increase in net profit, the sales decline negatively impacted investor sentiment. As of 10:13 AM, the shares were trading 7.87% lower at ₹1,203.00 on the NSE.
TOPICS:
Elecon Engineering