Lanco Infratech shares zoom nearly 20% on Q2 profit

Shares of Lanco Infratech Ltd have zoomed almost 20% after it posted consolidated net profit of Rs 98.98 crore for the second quarter of the current fiscal after three years. 

The stock soared 19.88% to Rs 6.39 at BSE. On NSE, it surged 19.62% to Rs 6.40. Swinging back to black Lanco Infratech Ltd on Monday posted a consolidated net profit of Rs 98.98 crore in the second quarter of the current fiscal after three years, due to tax reimbursements and favourable power tariff order. 

The firm posted a loss of Rs 527.48 crore in the same of period last fiscal, Lanco Infratech Ltd (LITL) had said in BSE filing. 

According to the statement, the company earned profits on the consolidated basis after a gap of three years. 

Its consolidated income from operations increased to Rs 3,418.60 crore in the second quarter as against Rs 2,287.25 crore in the same period, a year ago.