Lanco Infra Q1 net loss at Rs 300 crore

Lanco Infratech's consolidated net loss reduced marginally to Rs 300.36 crore for the quarter ended June 30.

The company had a net loss of Rs 306.35 crore in the corresponding period of the previous fiscal, the company said in a regulatory filing.

Total income during the quarter declined to Rs 1,541.72 crore, over Rs 2,604.52 crore in the year-ago period.

The expenses also reduced to Rs 1,434.39 crore, over Rs 2,203.16 crore in the first quarter of the previous fiscal.

The revenues from the power business during the quarter under review were at Rs 1,240.74 crore, registering a decline of 41.4 per cent.

It further said that the group's operating assets are not generating envisaged revenues on account of various factors, such as short supply of coal and gas and pending tariff clarity. The delayed payments from the customers are also posing challenges in meeting the cash flow needs.

However, the group is actively engaged in resolving every aspect associated with the revenue generating units by effectively addressing the core issues, it added.

The approved CDR scheme, additional funding to the company and recent lenders approvals of the cost overrun proposals for the projects under construction would bring in the additional cash inflows into the system.

"Cumulatively, the group is confident that the initiatives....Would address the bottlenecks and make the operating units viable augmenting the EPC activity to the normal level....," the company said.

It further said that "gross revenue before eliminations declined 15 per cent Y-o-Y to Rs 16,365 million in Q1 FY16 from Rs 19,264 million in Q1 FY15."

It further said that 471 million units (MUs) were traded during the quarter.

The current EPC order book stands at Rs 2,50,823 million, excluding solar EPC.

The company's shares were trading at Rs 3.38 a piece on BSE, up 3.36 per cent from the previous close.