Lanco Infra’s consolidated Q1 net profit tumbles 93%

16 Aug 2011

Lanco Infratech has reported unaudited results for the first quarter ended June 30, 2011.

The company’s net profit for the quarter ended June 30, 2011 surged by 15.96% at Rs 82.70 crore as compared to Rs 71.32 crore for the corresponding quarter last year. Its total income increased by 59.67% at Rs 1742.40 crore for the quarter under review from Rs 1091.25 crore for the same quarter last year.

On consolidated basis, the Group has posted a fall of 92.93% in its net profit at Rs 13.77 crore as compared to Rs 194.69 crore for the quarter ended June 30, 2010. Its total income has decreased by 8.26% at Rs 1973.18 crore for the quarter under review as compared to Rs 2150.76 crore for the similar quarter of the previous year.

During the previous year in respect of power generating units of two subsidiaries of the Company, depreciation accounting policy changed from written down value method to straight line method with retrospective effect at the rates specified in Schedule XIV of the Companies Act, 1956 on the basis of experts technical inputs and to align the depreciation method with other power companies within the group and industry. Hence the depreciation for the quarter ended June 30, 2011 is not comparable with the quarter ended June 30, 2010

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