Videocon industries today reported a steep decline in its standalone net profit to Rs 1.34 crore for the quarter ended September 30, 2014 on account of higher ‘finance cost’.
The company had posted a standalone net profit of Rs 20.18 crore during July-September quarter last fiscal.
Net sales of the company increased marginally to Rs 3,187.31 crore during the quarter under review as against Rs 3,176.20 crore.
The company had a finance cost of Rs 585.67 crore during the quarter as against Rs 581.06 crore in the same quarter of last fiscal.
Revenue from consumer electronics and home appliances division increased 3.44 per cent to Rs 2,891.65 crore during July-September of FY 2014-15 as against Rs 2,795.36 crore of the same quarter last fiscal.
However, revenue from crude oil and natural gas segment dipped 21.19 per cent during the quarter to Rs 303.62 crore as against Rs 385.29 crore.
The company is having an extended financial year.
“The current accounting year of the company has been extended by a period of six months. As such, the current accounting year shall be of the period of 18 months ending on December 31, 2014,” the company said.