Debt ridden Lanco Infratech has reportedly decided to shun its hydropower generation and so for this it is in talks with SN Power of Norway. The debt laden company owed Rs 28,036 crore as on March 31, 2012, up over 90% from Rs 14,679 crore in 2010-11. High fuel costs and low capacity-utilization levels are apparently putting stress on the financial conditions of the company.
The company has posted a net loss of Rs 8.24 crore for the fourth quarter ended March 31, 2012 as compared to net profit of Rs 27.65 crore for the same quarter previous year. However, the total income has increased by 59.10% to Rs 2591.05 crore for the quarter under review from Rs 1628.59 crore for the corresponding quarter of the previous year.For the year ended March 31, 2012, the company’s net profit declined by 58.44% to Rs 115.67 crore as compared to Rs 278.32 crore for the previous year. However, the company’s total income has increased by 48.15% to Rs 8669.25 crore for the year from Rs 5851.59 crore in the previous year.
On consolidated basis, the Group’s net loss after taxes, minority interest and share stood at Rs 112.04 crore for the year under review as compared to net profit of Rs 446.07 crore for the period ago. However, its total income has increased by 29.23% to Rs 10286.57 crore for the year ended March 31, 2012 from Rs 7959.80 crore in the previous year.