Mcnally Bharat Engineering, a Williamson Magor Group company, has posted a 4 per cent growth in its topline in the first quarter.
However, higher finance cost of Rs. 32.9 crore (on a turnover of Rs. 447 crore) led to a drop in the pre-tax profit which was lower at Rs. 6.26 crore against Rs. 12.7 crore a year ago. The company said that the higher interest cost had resulted from increased working capital borrowing, necessitated by piling of some dues from public sector steel plants. During the first quarter, the company was able to book orders worth Rs. 2,700 crore from public sector power companies and a major multi-national cement maker.