Lanco Infratech was locked at 10% lower circuit at Rs 13.45 at 14:06 IST on BSE after the company declared weak result for Q4 and year ended 31 March 2014 after market hours on Friday, 23 May 2014.
Meanwhile, the S&P BSE Sensex was up 282.10 points or 1.14% at 24,975.45
On BSE, so far 17.47 lakh shares were traded in the counter with pending sell orders of 19.29 lakh shares at lower circuit. The stock has an average daily volume of 18.36 lakh shares in the past one quarter.
The stock hit a high of Rs 14.68 and a low of Rs 13.45 so far during the day. The stock had hit a 52-week high of Rs 14.94 on Friday, 23 May 2013. The stock had hit a record low of Rs 4.96 on 31 July 2013.
The stock had outperformed the market over the past one month till 23 May 2014, rising 81.31% compared with 7.94% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 127.74% as against Sensex's 19.29% rise.
The small-cap company has equity capital of Rs 240.78 crore. Face value per share is Re 1.
On consolidated basis, Lanco Infratech reported a net loss of Rs 584.29 crore in Q4 March 2014, higher than net loss of Rs 31.59 crore in Q4 March 2013. Net sales declined 24% to Rs 2803.39 crore in Q4 March 2014 over Q4 March 2013.
On consolidated basis, Lanco Infratech reported a net loss of Rs 2273.88 crore in the year ended 31 March 2014, higher than net loss of Rs 1073.30 crore in the year ended 31 March 2013. Net sales declined 29.4% to Rs 10641.82 crore in the year ended 31 March 2014 over the year ended 31 March 2013.
Lanco Infratech said that due to delays in execution of contracts, the cost associated with price escalations, claims of the service providers, sub-contractors and upwards revision of estimated cost - comprising providing for expected loses on some ongoing projects and additional costs in recently completed or discontinued projects resulted in losses for the quarter and for the year ended 31 March 2014
The company has an EPC (including power and solar projects) order-book of Rs 26178 crore, of which 84% constitutes internal projects, Lanco Infratech said.
Lanco Infratech is one of the largest integrated infrastructure developers in the country. The company operates in five core sectors viz. EPC, power, natural resources, solar and infrastructure.
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