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Lanco Infrastructure Ltd has posted a profit of ₹136.49 crore for the third quarter ended December 31, 2015, against a loss of ₹61.6 crore for the corresponding quarter last year.
The diversified infrastructure company has posted a gross revenue of ₹2282.8 crore in the third quarter, up 47 per cent, against ₹1557.4 crore before the inter-segment elimination.
The reported revenue is up 15 per cent at ₹1,726 crore against ₹1,498 crore in the third quarter.
However, the company has brought down its loss to ₹64.9 crore for the nine months ended December 2015 against ₹1,412 crore for the corresponding period last year.
The company has managed to get back to profitability mode with some of the subsidiaries improving performance and providing better business outlook.
Lanco Kondapalli started generation from its plant under the gas pooling process and the company recognised the interest income of ₹137 crore.
T Adibabu, Chief Operating Officer, Finance, Lanco Infratech, told BusinessLine that, “For the second quarter in running, Lanco reported profits. Lanco Amarkantak started generation from unit II of 300 MW after 32 months. This was based on a favourable order from the Supreme Court. In addition, another unit at Kondpalli was commissioned in January and other power plants are also functioning well.”
“If the 3,600-MW capacity is utilised efficiently, we would be able to do much better going forward. The EPC business could have been better but for inadequate cash flows and some delays in securing funding from banks,” he said.
Further, Lanco expects with the commissioning of the under-construction projects would enable the company to have a capacity of about 8000 MW by FY 2018.
Lanco Solar Energy, the solar EPC subsidiary, has won an order of ₹564 crore from NTPC to construct a 100-MW solar PV project in Madhya Pradesh.
The company currently has an EPC order book, including power and solar projects, worth ₹27,802 crore.
Majority of these will be executed within the next three years.
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