Lanco Infratech today reported a consolidated net profit of Rs 136.49 crore for the quarter ended December 31, 2015 on the back of better performance of operating power projects and write-back of tax provisions.
The integrated infrastructure developer had reported a net loss of Rs 616.62 crore in the year-ago period, it said in a filing to BSE.
"Better performance of operating power projects, recognition of interest on MAT reimbursement as per the Supreme Court order and write-back of tax provisions has contributed to 136 crore PAT for the third quarter," Lanco Infratech chief operating officer T Adi Babu said.
The total income from operations (net) declined to Rs 1,726.16 crore over Rs 2,181.45 crore in the corresponding quarter of previous fiscal.
Lanco is present in five sectors, including EPC, power, solar and natural resources.
The EPC and power sector together contributed to 84 per cent of the gross revenues, the company said in a statement.
"Power sector contributed to 62 per cent of the gross revenues," it said.
Total outstanding receivables stood at Rs 19,623 million from various state electric utilities as of December 2015, it said.
"As on December 31, 2015, the Group has receivables from various state electricity utility companies and other customers for sale of power aggregating to Rs 1,962.32 crore, net current assets of Rs 1,188.91 crore and current maturities of long-term borrowings of Rs 2,057.58 crore," the company said.
Based on the internal assessment and various discussions with the customers, the management is confident of recovery of receivables, it said.
Lanco Infratech's projects, both operational and under construction and Development, are spread across India. The power portfolio includes an installed capacity of 3,460 MW and another 5,956 MW are under various stages of construction and development.
The EPC division of the company is executing various orders worth more than Rs 278,016 million.
