Lanco Infra Q1 loss up 31% on EPC biz poor show, stk slips

Moneycontrol Bureau

Lanco Infrastructure slipped around two percent to Rs 5.30 after the firm post weak set of numbers for June quarter. The firm’s Q1 loss widened over 31 percent year-on-year to Rs 578.8 crore on poor show from its power and construction segments. However, forex loss declined over 4 percent to Rs 220.6 crore.

The firm’s total income also slipped over 19 percent Y-o-Y to Rs 2822 crore.

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While power business revenue marginally declined to Rs 2035 crore, EPC and construction income tumbled over 68 percent to Rs 538.2 crore.

As at June 30, 2013, Lanco has receivables from various state electricity utility companies and other customers against sale of power aggregating to Rs 3,285.10 crore versus Rs. 2,972.04 crore quarter-on-quarter.

Meanwhile, the company has initiated the process of corporate debt restructuring (CDR) for standalone debt of Rs 7,300 crore. Its consolidated debt on the books stands at over Rs 33,000 crore.