Road developer Dilip Buildcon share price plunged 14 percent intraday on Wednesday as March quarter profit missed analyst estimates.
Profit for the quarter increased 11 percent year-on-year to Rs 217.4 crore, but was lower than Nomura estimates of Rs 292 crore due to exceptional loss and higher tax expenses.
Revenue from operations in Q4 shot up 46 percent to Rs 2,557.88 crore compared to Rs 1,750.23 crore in same period last year.
Dilip Buildcon reported exceptional loss of Rs 15.2 crore while its tax expenses for the quarter stood at Rs 45.6 crore against tax rebate of Rs 5.35 crore in corresponding period of last fiscal.
EBITDA (earnings before interest, tax, depreciation and amortisation) surged 47.6 percent year-on-year to Rs 527 crore but margin increased by only 20 basis points to 20.6 percent in Q4FY18 due to higher expenses.
Total expenses of the company shot up 46 percent to Rs 2,284 crore compared to year-ago period.
For the financial year 2017-18, profit increased 72 percent to Rs 620.6 crore and revenue from operations increased 52 percent to Rs 7,761.4 crore compared to previous year.
At 11:27 hours IST, the stock price was quoting at Rs 935.60, down Rs 117.55, or 11.16 percent on the BSE.
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