The company had reported net profit of R72 crore in the same quarter previous year. Lancos receivables from various power utilities stood at R2,972 crore as of March.
The company was, however, able to generate cash profit of R242 crore during the period. Lanco reported 15% drop in its gross revenue from a year ago. It had reported gross revenue of R4,442 crore during January-March 2012 quarter.
The average plant load factor (PLF) of Lancos power plants averaged at 49%, which is much below the optimum level. The companys gas-based power plant at Kondapalli, Andhra Pradesh suffered generation loss due to drastic reduction in gas supply from Reliance Industries D6 block where production has fallen precipitously.
The average PLF of the plant was estimated at 28%. Similarly, Lancos Anpara C plant in UP operated at 32% PLF due to coal shortage. Lancos imported coal-based power plant in Karnataka too suffered generation loss due to payment issues with the power buyer.
Reason for our under performance is under utilisation of power plant capacities, which happened due to factors like fuel shortage and delay in payment from discoms, said Adibabu, chief operating officer, Lanco Infratech. For the 2012-13 fiscal, Lancos operational loss was estimated at R1,073 crore, compared with R120 crore in the previous year.