The renowned business entity, McNally Bharat Engineering Company had claimed a down fall in its standalone net profit for the quarter lasted in the March 2011. It has further announced that the company profit had rolled down 0.45% to Rs 223.40 million from Rs 224.40 million as compared to the same quarter last year.

Additionally, the net sales were observed at 22.69% to Rs 6,900.20 million whereas the total income for the quarter increased 22.59% to Rs 6,910.30 million, in contrast to the same time period of previous year, along with the earnings of Rs 7.18 per share during the quarter, reporting the 0.55% decline over previous year period.

In addition to this, the company shares were observed to decline by Rs0.35, or 0.19%, to trade at Rs 188.15.

Meanwhile, a report, compiled by the PINC had expressed its confidence in the McNally Bharat Engg. while recommended to buy rating on the stock with a target of Rs 275. “We expect consolidated revenue to witness a CAGR of 16% (FY11- 13E). We believe margins would remain under pressure on account of higher competition and slowdown in order inflows. At the CMP of Rs188 the stock is attractively valued at 7x FY12E and 6x FY13E EPS. We maintain our ‘BUY’ recommendation with a target price of Rs 275 (10x FY12E)”, explained the report.