Lanco Industries today reported a dip of 81.59 per cent in its net profit for the quarter ended December 31, 2010 at Rs 3.76 crore due to increase in its various expenditures.
The company had posted a net profit of Rs 20.43 crore during the corresponding quarter of 2009-10, it said in a filing to the Bombay Stock Exchange (BSE).
However, net sales of the company rose by 14.87 per cent during the quarter at Rs 210.49 crore as compared to Rs 186.37 crore it had reported in the same quarter of last fiscal.
According to the data filed by the company to the BSE, expenditures of the company have gone up by 37.4 per cent during the quarter at Rs 205.16 crore vis-a-vis 149.31 crore of same quarter of 2009-10.
Meanwhile, the company also said that its Board has approved setting up of 10,000 tonnes per year Ferro Alloy plant at an estimated cost of Rs 40 crore.
"...The Board of Directors of the company in its meeting held today, has approved setting up of a 10,000 tonnes per annum plant at an estimated capital outlay of Rs 40 crore," the company said in a separate filing to the BSE.
Scrips of the company were traded today at Rs 45.60 apiece on the BSE, down 2.46 per cent from the previous close.