MM Forgings announced its Q1FY16 yesterday after market hours and the muted performance led to the stock opening in the red today. The stock is currently down almost 5% at Rs.661 levels and this is after the stock hitting an intra day low of Rs.645.

MM Forgings, is a Tamil Nadu based company and its numbers for the first quarter were very flat. Net sales were at Rs.121.59 crore v/s Rs.121.30 crore (YoY). Total expenses also came at Rs.106 crore. The only difference was the higher other income – in current Q1 it came in at Rs.1.15 crore v/s Rs.40 lakh in previous Q1. There was also an additional charge of deferred tax in current Q1 of Rs.25 lakh and that changed the bottomline slightly – net profit was at Rs.12.92 crore v/s Rs.13.24 crore, a fall of around 2.5%. Thus a lackluster Q1 but things seasonally get better from Q2, lets see how that fares in coming months.