 "Lanco Infratech posts net loss of Rs 1,691 cr for April-June quarter")
The stand-alone net loss of Lanco Infratech widened to Rs 1,691.49 crore for the quarter ended June, compared to Rs 127.77-crore loss in the corresponding quarter of the previous year.
Lanco reported the highest net loss ever, which is unprecedented for a single quarter, after taking a Rs 1,131.83-crore liability from the Griffin Coal Mine operations.
Lanco, through its wholly-owned subsidiary, Lanco Resources International, had acquired Griffin Coal in Australia for $730 million in 2011.
These mining assets posted no meaningful returns, while its liabilities increased to $1.2 billion, including a new unsecured loan of $55 million.
The corporate guarantees amounting to Rs 6,800 crore were related to Griffin Coal assets alone, a senior company official said.
Last month Lanco had deferred the board meeting and the announcement of its quarterly results after Hyderabad-bench of National Company Law Tribunal(NCLT) appointed an interim resolution professional(IRP) while initiating the insolvency process for the company in a petition filed by IDBI Bank.
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