Lanco reports Rs 260-cr net loss

Diversified group Lanco Infratech on Saturday reported a consolidated loss of Rs 136 crore for the September quarter, hurt by fuel shortages for power projects.

The entity, with a Rs 32,700-crore debt , said there were "definitely" no corporate debt restructuring plans. In the three months ended September 2011, Lanco had a consolidated net loss of Rs 259.5 crore.

COO (finance) T Adibabu said lower operations of power plants, especially at 1,200-Mw Anpara, due to issues related to fuel and infrastructure, impacted the earnings.

The group recorded revenues of Rs 3,184.77 crore, much higher than Rs 1,896.31 crore a year ago. "We expect (our power projects) to see better operating performance in the coming months," Adibabu said. Lanco Infratech has an installed generation capacity of a little over 4,700 Mw and five projects (of 4,000 Mw) are under construction.

Lanco, which has interests in power, EPC and real estate, among others. Of the total debt, Rs 16,576 crore is related to projects under construction.

"Debt servicing is within our reach," Adibabu said. According to him, state-run power distribution companies had dues of Rs 3,160 crore at end of September. The firm is awaiting payments from discoms of Uttar Pradesh, Karnataka and Tamil Nadu, among others.