Lanco Infratech Limited (Lanco) has reported gross revenues of INR18.4 billion for the third quarter of fiscal 2009, up 141%, compared with the gross revenues of INR7.6 billion in the year-ago quarter. It has also reported profit after tax of INR799 million for the third quarter of fiscal 2009, compared with the profit after tax of INR795 million in the year-ago quarter.
For Nine Months:
Gross Revenues up by 106% from INR19,718 million to INR40,570 million.
Operating Revenue up by 109% from INR19,231 million to INR40131 million.
EBITDA up by 45% from INR4013 million to INR5805 million.
Reported Profit after Tax up by 3% from INR1,854 million to INR1,905 million.
For the Quarter:
Operating Revenue up by 143% from INR7,484 million to INR18,202 million.
EBITDA up by 21% from INR1,721 million to INR2,087 million.
The board of directors while approving the unaudited financial results for the quarter ended as on December 31, 2008, have taken a decision for appointment of joint auditors for undertaking the statutory audit of the company for the year 2008-09 and the same shall be done in accordance with the applicable provisions of the Companies Act 1956. The board has recommended the appointment of M/s Brahmayya & Co, chartered accountants as joint auditors along with Price Waterhouse for the approval by the shareholders.
Vamsi Hydro Energies Private Limited (a subsidiary of LANCO) has commissioned a 5 megawatt (MW) hydro power plant. This Power plant is located in Kangra District in the state of Himachal Pradesh and is a run of the river scheme on IKU Khad, a tributary of Beas River. As the commercial operation started from January 19, 2009, LANCO will start booking revenue from next quarter from this power plant.
During the quarter, Lanco has signed an agreement for sale of its stake in the subsidiaries
Rithwik and Clarion which operate a total capacity of 18 MW of Biod-mass based Power projects. The stake would be bought by M/s Agri Gold Projects Limited, Vijaywada. Final sale consideration will be calculated on transfer date which is likely to be in the current fiscal.
Status of Projects under different Verticals
Power Projects with a capacity of around 3900 MW are under construction. Major milestones achieved in some of these projects are follows:
Amarkantak Unit I: Boiler light-up and Steam blowing completed in December 2008. All major boiler system including fuel oil, TG Auxiliaries commissioned. TG rolling is going on and already done upto 2850 rpm. The Synchronisation is likely to happen shortly.
Amarkantak Unit II: TG erection and condenser erection started and major activities for Hydro-test completed.
Udupi Power project: TG erection and condenser erection started and shell concreting work for chimney has been completed.
Anpara Power: Boiler erection for Unit I has been started.
Kondapalli – II: Gas Turbine foundation casting completed and Gas turbine and GT generator is in transit.