BGR Energy shares fall to 1-year low on weak order backlog, Goldman Sachs adds to woe
Reuters: Feb 11 2013, 13:00 IST
BGR Energy Systems Ltd shares decline as much as 2.9 percent to a one-year low after margins miss estimates and as high interest costs resulted in a 24.3 percent fall in December quarter net profit.
* The energy equipment maker on Friday reported a sequential decline in backlog to 136 billion rupees versus 140 billion rupees as of end-Sep 2012, implying lack of any major order wins in the third quarter.
* "We expect margins to remain under pressure as more competitively bid EPC and BTG orders start contributing to revenue over the next few quarters," Goldman Sachs said in a note.
* At 0451 GMT shares are down 2.2 percent at 229.90 rupees.
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