Power Mech Projects posts Rs 3.15 cr profit for Dec qtr

Power Mech Projects on Friday reported a consolidated net profit of Rs 3.15 crore for the December quarter of the current fiscal.

The company had posted a net profit of Rs 36.35 crore in the quarter ended December 2019, a regulatory filing said.

The total income of the company stood at Rs 517.91 crore in the quarter under review. It was Rs 547.46 crore in the same period a year ago.

The group operates only in construction and maintenance activities.

It said the lockdown impacted significantly the company's operations and financial results for the quarter and the nine months of the current fiscal.

Hence, the results for the current quarter are therefore not comparable with those for the previous quarters, it added.

Based on the assessment of current indicators of future economic conditions, the management does not envisage any significant impact on its results as on December 31, 2020, it stated.

The board also approved the proposal to re-appoint S Kishore Babu as the Managing Director for 5 years, subject to the approval of the shareholders at the ensuing annual general meeting of the company.