Lanco Infratech's consolidated net loss swollen five times at Rs 528.29 crore for the quarter ended March 31, 2017, mainly due to lower operational income.
The company had reported a consolidated net loss of Rs 105.37 crore for the quarter ended March 31, 2016, Lanco Infratech said in a BSE filing.
Its total income from operations was down at Rs 1,982.68 crore in the fourth quarter of 2016-17 from Rs 2,066.01 crore in the year-ago quarter.
The company's consolidated net loss for 2016-17 to widened to Rs 2,049.13 crore from Rs 269.10 crore loss in the previous year.
Total income from operation in the last fiscal was Rs 7,343.69 crore compared to Rs 8,098.47 crore in 2014-15.
The company stated that as on March 31, 2017, the Group has receivables from various State Electricity Utility Companies and other customers for sale of power aggregating to Rs 1,377.30 crore, net current liabilities of Rs 2,419.86 crore and current maturities of long-term borrowings of Rs 3,458.32 crore.
It further said that based on internal assessment and various discussions with the customers, the management is confident of recovery of receivables.
It also said that at present the group’s operating assets are not generating envisaged revenues on account of various factors beyond the control of the company, such as short supply of gas, partial procurement of power, pending tariff clarity. Part payments from customers are posing challenges for meeting the cash flow needs.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
