Videocon Industries’ Q1 net tumbles 70%

Diversified business house Videocon Industries has reported 69.81% drop in standalone net profit at Rs 50.32 crore for the first quarter ended March 31, 2012 as compared to Rs 166.69 crore in the same period of previous fiscal.

The total income of the company on standalone basis stood at Rs 3034.88 crore for the quarter against Rs 3124.03 crore in the year-ago period, down 2.85%.

Videocon Industries, established two decades ago, is a global conglomerate with market capitalization of $2.5 billion. Videocon’s businesses’ consists of manufacturing, marketing & distribution of consumer electronics products and oil & gas extraction.