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Automotive components manufacturer Pricol Ltd has recorded a near 15 per cent fall in total income in the second quarter of this year compared to the same period last year.
Its net profit also took a dive despite a major savings in finance cost.
According to the unaudited results, in the quarter ended Sept 2012, the total income from operations was Rs 210.48 crore compared to Rs 248.29 crore in the corresponding quarter in 2011-12.
The profit from operations before other income, finance costs and exceptional items fell to Rs 5.50 crore compared to Rs 11.58 crore in Q 2 of last year. Despite a sharp fall in finance costs to Rs 4.51 crore from Rs 8.04 crore in the second quarter of last fiscal and lower tax expense, the net profit slumped to 85.28 lakh in Q 2 of current fiscal from Rs 3.38 crore in the same quarter year ago.
The EPS (share face value Re 1) was Re 0.09 against Re 0.38 in the second quarter of last year.
In the first half of current fiscal, the net sales was Rs 419.07 crore compared to Rs 454.45 crore.
In a note to the results, Vijay Mohan, Chairman, Pricol Ltd, said the net sales in the first half of this year did not include sales relating to business transferred to joint venture Johnson Controls Pricol Private Ltd at Pune effective March 2012. The sales growth in the first half of the current fiscal was 5.45 per cent over comparable figure for the corresponding period in the previous year, he said.
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