Lanco Infra Q1 net doubles to Rs 116 cr

City-based construction and infrastructure company, Lanco Infratech Limited, reported a net profit of Rs 115.8 crore for the quarter ended June 2009, as against Rs 59.1 crore in the corresponding quarter last year, registering a growth of 95.93 per cent. Revenues grew 140.22 per cent to Rs 2,195.4 crore, as compared with Rs 913.9 crore during the same period last year, on the back of its construction business, which was up 179 per cent to Rs 1,446.3 crore from Rs 518.2 crore in the corresponding quarter last year.

During the quarter, the company divested its holding in its two subsidiaries – Rithwik and Clarion Power – which now ceased to exist as subsidiaries, Lanco Infratech stated in a release on Wednesday. Its construction and EPC order book position as on June 30, 2009 was at Rs 9,467 crore, as against Rs 10,316.7 as on March 31, 2009.

Lanco Infratech’s stock is currently trading at Rs 419, down 3.27 per cent as against the previous close of Rs 433.15.