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Lanco Infra Q3 loss widens

Lanco Infratech has posted a 529.68-crore loss for the third quarter ended 31.12.2013, thereby, widening it from 465 crore it logged during corresponding period last year.

The total income from operations for the third quarter was down 31 per cent at 2,588 crore (3,754 crore). The power business income has registered a steep 32 per cent drop at 1,734 crore against 2,534 crore. This along with the EPC division dragged down the overall performance . Lanco stated it has receivables of 2,765.76 crore from various state electricity utilities and customers towards the sale of power. It posted a forex loss of 79 crore.

The board has decided to increase the authorised share capital from 500 crore to 12,000 crore. Greenko Group has signed with Lanco to buyout its 70 MW Budhil hydel power project and 5 MW hydel project in Kangra.

Source-On Request