Lanco Infratech Q2 net up 43%

MUMBAI: Infrastructure company Lanco Infratech’s net profit rose 43% year-on-year to Rs 70.5 crore in the second quarter of 2010-11, driven by a spurt in sales from its power business. Net sales in the July-September quarter rose 6% to Rs 2,041.7 crore.

The company operates along three key verticals — engineering, procurement and construction, power, and property development. Sales from the power business, which accounted for 54% of company’s total revenue, soared an annual 87% to Rs 1,337.3 crore. Short-term merchant power sales of 927 million units of electricity from two of the company’s units supported the growth in sales.

“The group is developing eight (660 mw x 2) new projects in various states,” the company said.

Lanco Infratech’s property development business reported revenue of Rs 30.8 crore in the September quarter as against Rs 10.9 crore reported a year ago. Company’s engineering, procurement, construction order book was worth Rs 25,425.4 crore as on September 30. The division clocked revenue of Rs 1,088.3 crore in July-September, up 26% on year.