KNR Constructions Ltd., a highway developer, slipped from record highs in trade after quarterly earnings disappointed investors.
KNR said its first quarter net profit fell 38 percent to 15.01 crore rupees compared with 24.4 crore rupees in the year ago period. Sales during April-June slipped 33 percent to 171.2 crore rupees versus 255.6 crore rupees. The company's operating margin rose to 14.3 percent versus 13.6 percent in the comparative periods.
KNR fell 2 rupees, or 0.9 percent, to 520 rupees on the National Stock Exchange, after hitting a high of 626 rupees on the National Stock Exchange.
KNR's market capitalisation has surged 148 percent to 1,577 crore rupees in the past one year as investors hoped the new government would inject fresh road laying orders into the economy. The stock trades at 2 times its book value of 280 rupees.
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