Lanco Infratech's fourth quarter net profit plunged 85% to Rs 17 crore after deducting the revenues, which was generated by providing Engineering Procurement and Construction (EPC) services to subsidiary company in developing power projects. Without such deduction or elimination, net profit rose 68% to Rs 266.4 crore during the Jan-March quarter.
For the whole year 2010-11, net profit fell marginally by 3% year-on-year to Rs 458.6crore after elimination. It rose 55% to Rs 862.8 crore during 2010-11; before elimination.
Companies are required to eliminate the revenues which they have earned by providing services to their respective subsidiaries, according to the Indian Accounting Standard.
Total revenue too dropped 3% y-o-y to Rs 8,004.4 crore in FY11 while it grew 18% y-o-y to Rs 11,265.2 crore during the year before elimination. The company's cash EPS (earnings per share) 5.45 for FY11 as compared with Rs 4.18 in FY10.
At 11:40 hours, Lanco Infratech shares tumbled nearly 4.5% to Rs 32.35 as the bottom-line declines.
Source: www.moneycontrol.com
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Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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