Morgan Stanley said earnings came below estimates in an email to clients after the earnings.
"The performance was weak across all segments - EPC activity was slower thus impacting revenue, the resources business posted negative EBITDA due to lower export volumes and the power business was weak due to lower profitability at the Amarkantak and Anpara plants," Morgan Stanley said.
EPC refers to engineering, procurement and construction.
Lanco shares last down 4.6 per cent.
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