Lanco Infratech posts Rs 31 crore loss in Q4

The company had posted a net profit of Rs 72 crore

Gurgaon-based infrastructure major Lanco Infratech Ltd (LITL) posted its fourth consecutive quarterly loss today. The company recorded loss of Rs 31 crore during the fourth quarter ended March as fuel constraints and a massive build-up of receivables continued to pull down growth. Lanco had posted a net profit of Rs 72 crore in the corresponding quarter previous year.

“The issues of underperformance at some of or big projects still continue. We are not able to bring assets to their full capacity utilization which has led to the losses,” Chief Operating Officer (COO) T Adi Babu told Business Standard.

He added the company’s flagship 1,200 Megawatt Anpara power plant in Uttar Pradesh is currently running at 40 per cent of its capacity owing to a dip in linked fuel supply from Coal India and logistical bottlenecks. Gross revenue of the company also declined 15 per cent to Rs 3,726 crore during the quarter.

For the full year ended March, the company posted a loss of Rs 1,073 crore as compared to a loss of Rs 112 crore in the previous year. Gross revenue during 2012-13 also dipped a marginal 1 per cent to Rs 15,396 crore. The group's net debt touched Rs 33,593.5 crore at the end of March 2013. The company currently has outstanding receivables of Rs 2,972 crore from state distribution utilities.