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Lanco Infratech tanks 10 Percent as Q4 Results disappoints

Shares of Lanco Infratech fell tanked as the trade began on the back of disappointing results for the quarter ended March 2014. The company's net loss widened to INR 584.29 crore in the Jan-March quarter against a net loss of INR 31.59 crore in the corresponding quarter last fiscal.  Total incomes from operations fell to INR 2762.27 crore against INR 3569.57 crore in year-ago quarter. Slow execution of projects and underutilisation of capacities are some of the main factors for disappointing results. Lanco's engineering, procurement and construction ( EPC) business declined by 25 per cent to INR 728.6 crore.

The company has to recover INR 2,823.5 crore from state utilities as of 31 March, of which dues from Karnataka alone amounts to INR 2,000 crore.  The company has an order book of INR 26,178 crore.  At 09:40 a.m.; the stock was at INR 13.45, down 9.97 per cent, on the . It touched a high of INR 14.68 and a low of INR 13.45 in trade today.

Source-On Request