Shares of BEML declined more than 3% on Thursday, November 5, after the company's second quarter results were largely below expectations. Barring its revenue, BEML's net profit, EBITDA and EBITDA margin were below estimates when compared to the same quarter last year.
BEML's revenue increased by 42.1% to ₹1,192 crore from ₹839 crore. That was the only figure higher than the CNBC-TV18 poll of ₹981 crore. Net profit came in at ₹33.3 crore, down 31.1% from ₹48.3 crore in the second quarter last year. However, this was lower than estimates of ₹58 crore.
The company's earnings before interest, taxes, depreciation and amortization increased 14.3% to ₹80 crore from ₹70 crore in the previous fiscal. Expectations from the quarter were for ₹92 crore. Its EBITDA margin contracted to ₹6.7% from 8.7% in the year-ago period and were well below the CNBC-TV18 poll of 9.3%.
Shares of BEML are trading 4% lower after the results announcement at ₹2,041.5. The stock, after this fall, has trimmed its year-to-date advance to 11%.