Lanco Infratech Q4 loss swells 5 times at Rs528 crore
Lanco Infratech’s consolidated net loss swollen five times at Rs528.29 crore for the quarter ended on 31 March, 2017
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New Delhi: Lanco Infratech’s consolidated net loss swollen five times at Rs528.29 crore for the quarter ended on 31 March 2017, mainly due to lower operational income. The company had reported a consolidated net loss of Rs105.37 crore for the quarter ended on 31 March, 2016, Lanco Infratech said in a BSE filing.
Its total income from operations was down at Rs1,982.68 crore in the fourth quarter of 2016-17 from Rs2,066.01 crore in the year ago quarter. The company’s consolidated net loss for 2016-17 too widened to Rs2,049.13 crore from Rs269.10 crore loss in the previous year.
Total income from operation in the last fiscal was Rs7,343.69 crore compared to Rs8,098.47 crore in 2014-15. The company stated that as on 31 March, 2017 the Group has receivables from various State Electricity Utility Companies and other customers for sale of power aggregating to Rs1,377.30 crore, net current liabilities of Rs2,419.86 corre and current maturities of long term borrowings of Rs3,458.32 crore.
It further said that based on internal assessment and various discussions with the customers, the management is confident of recovery of receivables. It also said that at present the group’s operating assets are not generating envisaged revenues on account of various factors beyond the control of the company, such as short supply of gas, partial procurement of power, pending tariff clarity.
Part payments from customers are posing challenges for meeting the cash flow needs.