Lanco posts Rs 136cr quarterly loss
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Diversified group Lanco Infratech today reported a consolidated net loss of Rs 135.93 crore for the three months ended September, as the entity continued to grapple with fuel shortages for its power projects.
However, the entity's consolidated net loss has narrowed from Rs 259.48 crore in the 2012 September quarter.
Lanco Infratech COO (Finance) T Adibabu said lower operations of power plants, especially at 1,200 MW Anpara in Uttar Pradesh, due to various issues related to fuel and infrastructure, also affected the performance of the company.
The group recorded revenues of Rs 3,184.77 crore in the latest quarter, much higher than Rs 1,896.31 crore in the year-ago period.
"We expect (our power projects) to see better operating performance in the coming months," Adibabu said.
Currently, Lanco Infratech has an installed generation capacity of little over 4,700 MW and five projects – having capacity of over 4,000 MW – are under construction. Lanco, which has interests in power, EPC (Engineering, Procurement and Construction) and real estate, among others, has a net debt of more than Rs 32,700 crore. Out of the total amount, about Rs 16,576 crore are related to projects under construction.
According to Adibabu, six state-run power distribution companies owed his company dues worth Rs 3,160 crore at the end of September.
"The non-payment of dues (related to electricity supply) is impacting our liquidity... We expect the amount to be cleared by end of this fiscal," he said.
The company is awaiting payments of discoms from Uttar Pradesh, Karnataka, Haryana and Tamil Nadu.
Total Outstanding Receivables stood at Rs.31,600 Million from various State Electric Utilities as of Sept 2012.
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