Shares of Elgi Equipments tanked over 4 percent on February 11 as investors dumped the stock folllowing the company's disappointing Q3 performance, marked by a fall in its net profit.
The company's net profit for the December quarter fell 4 percent on year to Rs 80.58 crore, as against Rs 83.88 crore in the year ago period.
The decline in the bottomline was despite a 3 percent rise in sales to Rs 847.59 crore, which grew from Rs 821.83 crore, a year ago.
At 10.34 am, shares of Elgi Equipments were trading at Rs 526.15 on the NSE.
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The company's India and Middle East delivered sustainable growth, while Europe and Brazil saw a return to green this quarter. However, the performance in US, Australia and South-East Asia markets remained subdued, the management said.
In addition, sales for the company’s automotive garage equipment business over last year's base also came along the management's expectations. Looking ahead, Elgi Equipments expects Q4 to turn out to be better than normal, largely driven by the return of year end demand.
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