McNally Bharat Engineering Co Ltd reported profit after tax at Rs 17.28 crore during the quarter ended to September 30, six per cent lower than that in the comparable quarter last year.
During Q2 (July-September), the B M Khaitan group company faced an “extreme liquidity crunch” and delay in receiving payment from most of the customers.
The company said this caused lower billing in Q2, increased borrowing cost. Total borrowing (including term borrowing of Rs 79 crore) as on September 30, stood at Rs 653 crore (Rs 435 crore on March 31).
The Q2 EBIDTA margin at 8.05 per cent, however, was higher than the previous year (6.73 per cent). The order book (including L1 status) as on date stands at Rs 4,050 crore. It participated in bids worth Rs 12,600 crore.