Lanco Infratech said its net loss for the March quarter widened to Rs. 584.29 crore on account of a drop in revenue and mounting losses in the EPC (Engineering, procurement and construction) business.
The power company had reported a net loss of Rs. 31.59 crore for the corresponding period a year ago.
Total income from operations declined nearly 23 per cent to Rs. 2,762.3 crore in the quarter under review from Rs. 3,569.6 crore a year ago.
Revenue from the EPC segment in the quarter fell nearly 55 per cent to Rs. 670.42 from Rs. 1476 crore
a year ago. The segment reported a loss of Rs. 376.21 crore in the last quarter of FY14, against Rs. 335.59 profit before tax and interest during the fourth quarter of FY13.
For the full year 2013-14, Lanco’s loss widened to Rs. 2,274 crore from Rs. 1,070.2 crore in the last fiscal year.
“Due to delays in execution of contracts, the cost associated with price escalations, claims of the service providers, sub-contractors and upwards revision of estimated cost – comprising providing for expected loses on some ongoing projects and additional costs in recently completed or discontinued projects – resulted in losses for the quarter and for the year,” Lanco said in a statement in Hyderabad on Saturday evening.
Griffin Coal, Lanco’s Australian coal mining arm, posted a 65 per cent fall in revenue to Rs. 145.4 crore in Q4, FY14 from Rs. 411.4 crore in the same period of FY13.
The company has an EPC (including power and solar projects) order-book of Rs. 26,178 crore, of which 84 per cent constitutes internal projects, the statement said.
It said it has outstanding receivables of over Rs. 2,823.5 crore from various state utilities as of March 31.