The decline in net profit was due to interest burden which increased by over 20 per cent.
However, the company's net sales rose 15.32 per cent at Rs 3,398.39 crore during the quarter against Rs 2,947.01 crore of the corresponding period of previous year, the company reported in a filing.
The company's other income, interest on deposits, dropped nearly 36 per cent to Rs 85.15 crore, impacting company's financial results for the quarter.
Shares of the company were seen trading at Rs 70.75, lower by 2.68 on BSE at 10.10 am IST. It touched an intra-day low of Rs 69.65.