Shares of Gammon India were locked in 20 per cent upper circuit on the BSE after the infrastructure company swung to profit in its fourth quarter ended March 31, 2016.
Gammon India posted a net profit of Rs 53.3 crore in March quarter as compared to a Rs 73.5 crore loss in the same quarter of the previous year. In the December quarter, Gammon India had reported a loss of Rs 121 crore.
The total income of Gammon India rose nearly 10 per cent to Rs 1,115 crore in March quarter as compared to Rs 1,019 crore in the same quarter a year earlier.
Gammon India's bottomline was helped by lower raw material and employee costs. However, financing cost showed an uptick. Its EBITDA or operating profit nearly doubled to Rs 188.54 crore in March quarter from Rs 96.58 crore a year earlier.
Gammon India reported a finance cost of Rs 173 crore in the March quarter, higher than Rs 168 crore in the same quarter of the previous year.
At 10:29 a.m., shares of Gammon India were up 19.98 per cent at Rs 14.89 on the BSE. In comparison, the broader markets were flat.
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