May 28, 2016
During the Quarter
§ Kondapalli got Gas allocation under Gas pooling mechanism (for the period Apr’16 to Sept’16) to run Ph#2 & Ph#3 at 30% load.
§ Kondapalli Phase 3B (371 MW) declared COD on 9th January 2016.
§ Amarkantak Unit 2 (300 MW) restarted power supply to Chhattisgarh wef 17th April’16.
§ Babandh (coal fired 1320 MW plant in Odisha) signed FSA for U#1 with Mahanadi Coalfields Limited (MCL)
§ EPC order book (Power , Solar & Others ) stands of Rs.270,794 Mn
Result
Update: Consolidated Performance (FY15 numbers are without Udupi to
have better Comparison, as Udupi was sold in the Q1 of the current
year.)
For the Quarter
§ Gross Revenue before eliminations increased by 65% to Rs.25,864 Mn from Rs.15,719 Mn
§ Cash Profit of Rs.716 Mn vs. Cash loss of Rs.3,957 Mn.
§ Adjusted EBITDA (Excluding Forex) increased by 134% to Rs.4,242 Mn from Rs.1,809 Mn
§ Reported loss of Rs.2,007 Mn vs. loss of Rs.5,632 Mn.
For the Year
§ Gross Revenue before eliminations increased by 46% to Rs.99,991 Mn from Rs.68,389 Mn.
§ Cash Profit of Rs.4,397 Mn vs. Cash loss of Rs.7,694 Mn.
§ Adjusted EBITDA (Excluding Forex) increased by 121% to Rs.25,417 Mn from Rs.11,509 Mn.
§ Reported loss of Rs.2,656 Mn vs. loss of Rs.19,753 Mn.
§ Adjusted Net Worth (including Minority Interest) of the company stood at Rs.22,593 Mn at end of March 2016.
Financial
Performance: (FY15 numbers are without Udupi to have better
Comparison, as Udupi was sold in the Q1 of the current year.)
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Gross Revenue*
|
25,864
|
15,719
|
65%
|
99,991
|
68,389
|
46%
|
Reported Revenue
|
20,660
|
14,819
|
39%
|
79,914
|
65,765
|
22%
|
Reported PAT
|
-2,007
|
-5,632
|
64%
|
-2,656
|
-19,753
|
87%
|
Profit Eliminated
|
1,418
|
-332
|
527%
|
2,717
|
-283
|
959%
|
Adj. PAT* (PAT + Profit Eliminated)
|
-589
|
-5,964
|
90%
|
61
|
-20,036
|
100%
|
Cash Profit
|
685
|
-3,957
|
117%
|
4,397
|
-7,694
|
57%
|
*Before inter segment / intra-group elimination
Key Balance Sheet Figures as on 31st March 2016:
Net Worth (including Minority Interest)
|
7,567
| |
Add: Profit Eliminated (as per AS 21)
|
15,026
| |
Adjusted Net Worth
|
22,593
| |
Gross Debt (of company & subsidiaries ) *
|
3,65,100
| |
Gross debt of projects under operation
|
1,81,686
| |
Gross debt of projects under construction
|
1,83,414
| |
Cash and Cash Equivalent (including subsidiaries)
|
7,478
| |
Net Debt
|
3,57,622
| |
Net Debt / Gross Adjusted Net Worth
|
15.83
|
*Excludes acquisition debt of Griffin Coal and working capital loans of power companies
Sector Wise Performance:
Lanco is present in five sectors
1. EPC
2. Power
3. Solar
4. Natural Resources
5. Infrastructure and Property Development
The EPC sector and the power sector together contributed to 87% of the gross revenues.
· EPC & Construction sector contributed to 37% of the gross revenue
· Power sector contributed to 50% of the gross revenues.
1. Power:
§ Total Outstanding Receivables of Rs.17,816 Mn from various State Electric Utilities as of March 2016
(FY15 numbers are without Udupi to have better Comparison, as Udupi was sold in the Q1 of the current year.)
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Revenue
|
13,473
|
10,667
|
26%
|
61,974
|
46,207
|
34%
|
Less: Power Trading
|
980
|
1,203
|
-19%
|
2,708
|
4,059
|
-33%
|
Net Revenue
|
12,493
|
9,464
|
32%
|
59,265
|
42,148
|
41%
|
EBITDA
|
3,517
|
2,803
|
25%
|
22,615
|
12,015
|
88%
|
Less: Power Trading
|
-1
|
26
|
-104%
|
52
|
122
|
-57%
|
Adjusted EBITDA
|
3,515
|
2,776
|
27%
|
22,560
|
11,895
|
90%
|
Adj EBITDA Margin (%)
|
28%
|
29%
|
38%
|
28%
|
Details of Power Projects under Operation for the Quarter
Projects
|
Capacity
|
Units Generated
|
PAF
|
PLF
|
Total Revenue
|
EBITDA
|
PAT
|
EBITDA Margin
|
(MW)
|
(MUs)
|
%
|
%
|
(Rs. Mn)
|
(Rs. Mn)
|
(Rs. Mn)
| ||
Kondapalli 1
|
368
|
196
|
96%
|
24%
|
2,930
|
257
|
-204
|
9%
|
Kondapalli 2
|
366
|
41
|
100%
|
5%
| ||||
Kondapalli 3A
|
371
|
288
|
100%
|
36%
| ||||
Amarkantak 1
|
300
|
575
|
98%
|
88%
|
2,949
|
1,137
|
-12
|
39%
|
Amarkantak 2
|
300
|
585
|
95%
|
89%
| ||||
Tanjore
|
120
|
143
|
58%
|
55%
|
461
|
32
|
-51
|
7%
|
Anpara
|
1200
|
2,097
|
86%
|
80%
|
6,134
|
2,180
|
36
|
36%
|
Total
|
3,025
|
3,927
|
90%
|
59%
|
12,474
|
3,606
|
-231
|
29%
|
Details of Power Projects under Operation for the Year
Projects
|
Capacity
|
Units Generated
|
PAF
|
PLF
|
Total Revenue
|
EBITDA
|
PAT
|
EBITDA Margin
|
(MW)
|
(MUs)
|
%
|
%
|
(Rs. Mn)
|
(Rs. Mn)
|
(Rs. Mn)
| ||
Kondapalli 1
|
368
|
488
|
93%
|
15%
|
16,013
|
5,048
|
1,944
|
31.5%
|
Kondapalli 2
|
366
|
972
|
83%
|
30%
| ||||
Kondapalli 3A
|
371
|
587
|
100%
|
25%
| ||||
Amarkantak 1
|
300
|
2,228
|
94%
|
85%
|
8,002
|
3,040
|
-1,469
|
38%
|
Amarkantak 2
|
300
|
762
|
79%
|
90%
| ||||
Tanjore
|
120
|
654
|
89%
|
62%
|
2,377
|
433
|
121
|
18.2%
|
Anpara
|
1200
|
8,637
|
88%
|
82%
|
32,633
|
13,975
|
5,168
|
42.8%
|
Total
|
3,025
|
14,328
|
89%
|
54%
|
59,055
|
22,496
|
5,763
|
38.1%
|
Note : Kondapalli Phase 3B had no operations post COD (9th Jan’2016) due to shortage of Gas.
NETS (Power Trading)
For the Quarter
· Total
301 MUs traded at an average realization rate of Rs.4.3/Kwh. 157MUs
Energy sourced from Anpara sold to TamilNadu at an average realization
rate of Rs.5.8/Kwh and 144MUs energy of external parties sold in
Exchange at an average realization rate of Rs.2.7/Kwh.
For the Year
· Total
1,286 MUs traded at an average realization rate of Rs.4.5/Kwh. 744MUs
Energy sourced from Anpara sold to TamilNadu at an average realization
rate of Rs.5.33/Kwh and 542MUs energy of external parties sold in
Exchange & Bilateral at an average realization rate of
Rs.3.36/Kwh.
2. EPC
Rs. Mn
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Revenue
|
7,462
|
1,740
|
329%
|
25,790
|
13,021
|
98%
|
Forex (loss)/Gain
|
766
|
261
|
193%
|
1,102
|
-233
|
573%
|
EBITDA
|
1,800
|
-873
|
306%
|
6,114
|
95
|
6314%
|
Adjusted EBITDA
|
1,034
|
-1,135
|
191%
|
5,012
|
328
|
1427%
|
Adj EBITDA Margin (%)
|
14%
|
-65%
|
19%
|
3%
|
Order Book:
§ Current EPC order book stands at Rs.234,116 Mn (Excluding Solar EPC)
§ Internal Projects constitute ~82% of the Power and Construction EPC Order book
3. Solar:
§ Solar Generation consists of 41 MW
Rs. Mn
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Revenue
|
3,817
|
1,945
|
96%
|
6,241
|
3,428
|
82%
|
Forex (loss)/Gain
|
-7
|
14
|
-152%
|
-90
|
-44
|
-104%
|
EBITDA
|
692
|
205
|
238%
|
1,335
|
835
|
60%
|
Adjusted EBITDA
|
699
|
191
|
266%
|
1,425
|
879
|
62%
|
Adj EBITDA Margin (%)
|
18%
|
10%
|
23%
|
26%
|
§ Solar EPC: Order Book of Rs.36,678 Mn with 60% orders from external parties.
4. Natural Resources:
Griffin Coal
Production for quarter was 0.66 MT vs 0.51 MT in Q4FY15. Sales for the quarter was 0.67 MT vs. 0.55 MT in Q4FY15.
§ Average realization for the quarter was ~AUD 43.2 per ton vs. ~AUD 41.9 per ton in Q4FY15.
Rs. Mn
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Revenue
|
1,450
|
1,265
|
15%
|
5,003
|
5,658
|
-12%
|
Forex (Loss)/Gain
|
1,356
|
-1,707
|
179%
|
284
|
-4,532
|
106%
|
EBITDA
|
1,732
|
-2,276
|
176%
|
-428
|
-5,730
|
93%
|
Adj EBITDA
|
376
|
-568
|
166%
|
-713
|
-1,198
|
41%
|
Adj EBITDA Margin (%)
|
26%
|
-45%
|
-14%
|
-21%
|
5. Property Development & Infrastructure
Property
development consists of the Lanco Hills project at Hyderabad, which is
the only Real estate venture of the Group. During the quarter,
Lanco Hills recorded revenue of Rs.499 Mn during the quarter and
Rs.1,646 Mn during the year and sold 25 units during the quarter &
104 Units during 12Months.
Under
infrastructure, Current portfolio consists of highway projects of about
163 km length, for which the Concession Agreements have been signed
with the National Highway Authority of India (NHAI):
Distance
|
Status
| |
Neelamangla Junction (Bangalore) – Devihalli (NH-48)
|
82 km
|
Toll collection revenue at Rs. 150 Mn during the quarter
|
Bangalore – Hoskote – Mulbagal (NH-4)
|
81 Km
|
Toll collection revenue at Rs. 160 Mn during the quarter
|
Rs. Mn
Particulars
|
Q4 FY16
|
Q4 FY15
|
Change
|
12M FY16
|
12M FY15
|
Change
|
Revenue
|
812
|
430
|
89%
|
2,818
|
1,845
|
53%
|
EBITDA
|
140
|
155
|
-10%
|
768
|
793
|
-3%
|
EBIDTA Margin (%)
|
17%
|
36%
|
27%
|
43%
|
About Lanco
Lanco
Infratech Limited, one of the India’s largest integrated infrastructure
developers, is headquartered in New Delhi Region and has employee
strength of over 3,700. It has subsidiaries and divisions across a synergistic span of 5 Business verticals. These include EPC, Power, Natural Resources, Solar and Infrastructure. It has an adjusted net-worth of Rs.22,593 Mn.
Lanco
Infratech’s projects, both operational and under construction &
Development, are spread across India. At present, the power portfolio
includes an installed capacity of 3,460 MW and another 5,956 MW under
various stages of Construction & Development.
The
EPC division of the company is executing various orders worth more than
Rs.270,794 Mn. A member of UN Global Compact, Lanco Infratech is
recognised for its Corporate Social Responsibility initiatives led by
the Lanco Foundation.