February 11, 2013 / 5:28 AM / 4 years ago

BGR Energy falls to one-year low on weak order backlog

1 Min Read

Reuters Market Eye - BGR Energy Systems Ltd(BGRE.NS) 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 10.21 am shares are down 2.2 percent at 229.90 rupees.

Reporting by Manoj Dharra

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