Videocon Industries Q1 profit down 70%

Videocon Industries reported a dip in net profit at Rs 50.32 crore for the quarter.

Diversified business group Videocon Industries today reported 69.81 per cent dip in standalone net profit at Rs 50.32 crore for the quarter ended March 31,2012.

The company had posted a net profit of Rs 166.69 crore in the same period of previous fiscal,Videocon Industries said in a filing to the BSE.

The total standalone total income from operations stood at Rs 2,996.31 crore for the quarter against Rs 3,115.76 crore in the year-ago period,down 3.83 per cent.

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The company had said yesterday that it will raise USD 51.02 million (over Rs 270 crore) through issue of securities on a private placement basis from overseas market.

Shares of Videocon Industries today closed at Rs 171.25 apiece on the BSE,up 0.62 per cent from its previous close.

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