Gayatri Projects surges on robust Q1 earnings

Net profit for June 2015 quarter zoomed 386% to Rs 10.7 crore compared to same quarter last fiscal

Gayatri Projects was up nearly 3% at Rs 429 after the company announced robust earnings for the first quarter ended June 30, 2015 on the back of lower finance costs.

The company's net profit zoomed 386% to Rs 10.7 crore for the quarter ended June 30, 2015 compared with Rs 2.2 crore for the corresponding quarter last fiscal.

Finance costs for the quarter under review decreased to Rs 35.8 crore compared with Rs 40.3 crore in the same quarter ended June 30, 2014.

Net sales for the June 2015 quarter increased 18% to Rs 404 crore compared with 341 crore in the corresponding quarter last fiscal.

The stock opened at Rs 435 and touched a high of Rs 437. At 11:35AM, over 49,000 shares were traded on both the stock exchanges.