Ball bearing maker NRB Bearings announced a steep drop in standalone net profit for the quarter ended March 2008. During the quarter, the profit of the company declined 23.39% to Rs 87.80 million from Rs 114.60 million in the same quarter, previous year.

The company posted earnings of Rs 1.81 a share during the quarter, registering 23.31% decline over previous year period.

Net sales for the March 2008 quarter declined marginally 1.98% to Rs 829 million, while total income for the quarter fell marginally 2.89% to Rs 832.80 million, when compared with the prior year period.

Quarterly Results - Standalone (Rs in mn)
As at Mar - 08 Mar - 07 %Change
Net Sales 828.60 845.30 (1.98)
Net Profit 87.80 114.60 (23.39)
Basic EPS 1.81 2.36 (23.31)

During the quarter, the company disclosed a fall in operating margin of 165.97 basis points to 22.58% on higher production cost. Interest cost increased 42.11% to Rs 13.50 million while depreciation cost rose 14.66% to Rs 47.70 million over previous year period.

Shares of the company declined Rs 2.6, or 4.36%, to settle at Rs 57. The total volume of shares traded was 1,070 at the BSE.

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