Shares of NELCO fell as much as 4 percent and hit an intraday low of Rs 865 after the company reported a year-on-year decline in its consolidated net profit and revenue for the quarter ended June.
At 1.55 PM, NELCO shares were down over 2 percent at Rs 886. The stock has gained 7 percent in the past six months, underperforming the Nifty 50 which gained 12 percent during the same period.
NELCO's net profit for Q1 FY25 fell 20.4 percent on year to Rs 4.6 crore and revenue from operations fell six percent to Rs 74.1 crore. In the year-ago period, NELCO's net profit was Rs 5.7 crore and revenue was at Rs 78.8 crore.
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On a sequential basis, NELCO's net profit declined 25 percent and 9 percent, respectively.
NELCO, a subsidiary of Tata Power Company Ltd, offers comprehensive networking solutions. The company specialises in the sale and rental of VSATs, maintenance of private hubs, and hybrid networks.
NELCO, formerly known as National Radio & Electronics Company was promoted in 1940 by the Investment Corporation of India inter alia to manufacture broadcasting equipment.
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