Chennai, Aug 3 (IANS) City-based engineering, procurement and construction (EPC) company BGR Energy Systems closed the first quarter of the current fiscal with lower sales and profit as compared to the first quarter of 2011-12 owing to higher interest cost and lower order realisation.
The company, in a statement here Friday, said its sales for the period under review stood at Rs.610.79 crore and net profit at Rs.33.66 crore, down from Rs.731.18 crore and Rs.50.25 crore respectively posted during first quarter of 2011-12.
A company official not wanting to be named said though the order book position is healthy at Rs.15,000 crore, some of the clients have not taken supplies.
The Rs.16.59 crore jump in interest outgo is due to non-payment by some of the clients, the official said.
Rahul Kaul, research analyst at Angel Broking, said despite the strong order book position of BGR Energy, his firm maintains a neutral outlook on the stock as it expects weak order inflows over the coming quarters.
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