Shares of Lanco Infratech slumped nearly 10% after disappointing quarterly results
On Monday, shares of power firm Lanco Infratech tanked nearly 10 per cent, largely because of the disappointing results posted by the company for the January-March 2104 quarter.
For the mentioned quarter, the company reported a widening of its net loss to Rs 584.29 crore. In comparison, in the same quarter last year, the power company had reported a net loss of Rs 31.59 crore.
The net loss witnessed by the company for the January-March 2014 quarter was essentially attributable to a plunge in the company’s revenue and its swelling losses in EPC and construction business. For the full year 2013-14, Lanco’s loss widened from Rs 1,070.2 crore in the last fiscal to Rs 2,274 crore this time round.
So far as Lanco Infratech’s total income from operations during the March 2014 quarter is concerned, the company reported that the figures plunged almost 23 percent to Rs 2,762.3 crore, from Rs 3,569.6 crore during the same quarter a year back.
Against the backdrop of the disappointing results for the quarter which ended March 31, Lanco Infratech stock slumped 9.97 per cent to Rs 13.45; thereby marking the company’s circuit limit on the BSE.
At the NSE, Lanco Infratech stock saw a drop of 9.76 per cent to Rs 13.40.
Source: The Hindu Business Line
