Lanco Infratech Sep quarter net loss widens to Rs 581 crore

Total income from operations declined 33%

Lanco Infratech Ltd today said its consolidated net loss for the quarter ended September, 2013, widened to Rs 581 crore due to a drop in power business, higher finance costs and foreign exchange losses.

The company had reported a net loss of Rs 136 crore in the same quarter of last financial year.

Total income from operations (before elimination of inter-segment income) declined 33% to Rs 2,495.8 crore compared to Rs 3,724 crore in the same period last year.

The company also suffered a foreign exchange loss of Rs 151 crore in the second quarter.

Finance costs increased by around Rs 719 crore during the quarter under review from Rs 527 crore during the second quarter of FY13.

Revenues from the power business declined to Rs 1,743.8 crore from Rs 2,226 crore in the same quarter a year ago.

The company said it needs to recover Rs 2,939 crore from state power utilities as of September 30.

The EPC and construction business revenue in September 2013 quarter declined by 49% to Rs 535 crore "due to lower execution."

Shares of Lanco closed at Rs 5.98 apiece, down 4.01% on BSE.