Praj Industries Ltd.'s consolidated net profit decreased 14% in the quarter ended Sept. 30, missing the analysts' estimate of 23% climb.
As per the financial results posted on Friday, the company logged a net profit of Rs 53.83 crore during the quarter under review. That compares with the Rs 77-crore consensus estimate of analysts tracked by Bloomberg.
The revenue from operations during the September quarter came in at Rs 816.19 crore, down 7.5% from Rs 882.33 crore in the corresponding period of the last fiscal.
The company's earnings before interest, taxes, depreciation and amortisation came in at Rs 86.21 crore, up 3% from Rs 83.99 crore in the year-ago quarter. The Ebitda margin has climbed to 10.6% from 9.5%.
Praj Industries Q2 Results Highlights (Consolidated, YoY)
Revenue down 7.5% to Rs 816.19 crore versus Rs 882.33 crore (Bloomberg estimate: Rs 927 crore).
Ebitda up 3% to Rs 86.21 crore versus Rs 83.99 crore.
Margin at 10.6% versus 9.5%.
Net profit down 14% to Rs 53.83 crore versus Rs 62.37 crore (Bloomberg estimate: Rs 77 crore).
The order intake for the September quarter stood at Rs 921 crore, higher as compared to Rs 888 crore in the preceding June quarter and Rs 1,063 crore in the year-ago period.
“The bioenergy segment continues to develop positively as we witness our business growing in multiple dimensions, with healthy order and enquiry inflows from international, services and engineering verticals in the first half of the year," Praj Industries Chief Executive Officer Shishir Joshipura said.
"Our strong focus on R&D backed solutions will continue help us stay on our envisioned growth path," he added.
Shares of the company closed 4% lower at Rs 710.85 apiece on the NSE, compared to a 0.9% decline in benchmark Nifty 50.
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