Following the announcement of the company’s Q1 results, which indicated a minor gain in net profit but a fall in sales, Elecon Engineering Company’s shares dropped by 7% on Thursday.
For the quarter that ended in June 2024, Elecon Engineering recorded a 0.55% increase in net profit, coming in at Rs 73.36 crore as opposed to Rs 72.96 crore in the same quarter the year before. But compared to the same time last year, sales decreased by 5.30% to Rs 392.36 crore from Rs 414.34 crore.
Investor confidence fell as a result of the sales fall, although net profit increased a bit.
Elecon Engineering shares were down 6.19% at ₹1,226.00 on the NSE as of 11:21 AM.
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