Lanco slips into Rs 464 crore quarterly loss

Lanco slips into Rs 464 crore quarterly loss Mumbai: Diversified group Lanco Infratech today reported a net loss of Rs 464.64 crore in the three months ended December 2012.

The company had a net profit of Rs 60.92 crore in the year-ago period.

In the latest December quarter, Lanco Infratech's reported net operating income of Rs 3,488.70 crore compared to Rs 3,029.31 crore in the same period a year ago.

"The reported consolidated net operating income and net profit have been arrived at after eliminating inter-company transactions...," it said in a filing to the BSE.

Lanco Infratech has interests in power, infrastructure and realty, among others.

"As at December 31, 2012, the group has receivables from various state electricity utility companies and other customers against the sale of power aggregating to Rs 3,525.22 crore..., net current liabilities of Rs 2,345.82 crore and current maturities of long-term borrowings Rs 2,680.59 crore," the filing said.

Citing internal assessment and various discussions with customers, Lanco Infratech said the management is confident of recovery of receivables.

PTI