Source Name: Lanco Infratech Limited

Lanco Infratech Announces Q3FY16 Earnings, Net Profit for Q3FY16 at Rs.136.49 Crore

Feb 12, 2016 11:27 IST

New Delhi, Delhi, India

During the Quarter

- Kondapalli Phase 3A (371 MW) started generation from November 3, 2015 under Gas pooling mechanism.

- Kondapalli Phase 3B (371 MW) declared COD on January 9, 2016.

- Amarkantak Unit 2 (300 MW)restarted operationsfromDecember5, 2015 after a gap of 32 months.

- Lanco Solar won EPC order of Rs. 5,640 Mn from NTPC to set up 100MW Solar PV project in Madhya Pradesh

- EPC order book (Power, Solar & Others) stands of Rs.278,016 Mn

- Group earned profit of Rs.1,365 Mn

Result Update: Consolidated Performance (FY15 numbers are without Udupito have better Comparison, as Udupi was sold in theQ1 of the current year)

- Gross Revenue before eliminations increased by 47% YoY to Rs.22,828Mn in Q3FY16from Rs.15,574Mn in Q3FY15

- Gross Revenue before eliminations increased by 41% YoY to Rs.74,127Mn in 9MFY16from Rs.52,670Mn in 9MFY15

- Cash Loss of Rs.90Mn in Q3FY16 vs. Cash loss of Rs.2,061Mn in Q3FY15

- Cash Profit of Rs.4,200Mn in 9MFY16 vs. Cash loss of Rs.3,737Mn in 9MFY15

- Adjusted EBITDA (Excluding Forex)increased by 120% YoYto Rs.6,191Mn inQ3FY16from Rs.2,812 Mn inQ3FY15

- Adjusted EBITDA (Excluding Forex)increased by 118% YoY to Rs.21,175Mn in9MFY16 from Rs.9,700Mn in9MFY15

- Reported profitofRs.1,365Mnin Q3FY16vs.loss of Rs.5,923Mn in Q3FY15

- Reported loss of Rs.649Mn in 9MFY16 vs. loss of Rs.14,121Mn in 9MFY15

- Adjusted Net Worth (including Minority Interest)of the company stood at Rs.26,615Mnat end December 2015

Financial Performance: (FY15 numbers are without Udupi to have better Comparison, as Udupi was sold in the Q1 of the current year)

Rs.Mn

Particulars	Q3 FY16	Q3 FY15	Change	9M FY16	9M FY15	Change
Gross Revenue*	22,828	15,574	47%	74,127	52,670	41%
Reported Revenue	17,262	14,980	15%	59,254	50,947	16%
Reported PAT	1,365	-5,923	123%	-649	-14,121	95%
Profit Eliminated	412	34	1111%	1,299	49	2548%
*Adj. PAT (PAT + Profit Eliminated)**	1,777	-5,889	130%	650	-14,072	105%
Cash Profit	-90	-2,061	96%	4,200	-3,737	212%

*Before inter segment / intra-group elimination

Key Balance Sheet Figures as on December31, 2015: Rs.Mn

Net Worth (including Minority Interest)		10,588
Add: Profit Eliminated (as per AS 21)		16,027
Adjusted Net Worth		26,615
Gross Debt (of company & subsidiaries ) *		3,54,350
Gross debt of projects under operation	1,66,064
Gross debt of projects under construction	1,88,286
Cash and Cash Equivalent (including subsidiaries)		8,926
Net Debt		3,45,424
Net Debt / Gross Adjusted Net Worth		12.98

*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 84% of the gross revenues.

- EPC & Construction sector contributed to 22% of the gross revenue

- Power sector contributed to 62% of the gross revenues.

1. Power:

- Total Outstanding Receivables of Rs.19,623Mn from various State Electric Utilities as of December 2015

(FY15 numbers are without Udupi to have better Comparison, as Udupi was sold in the Q1 of the current year)

Rs.Mn

Particulars	Q3 FY16	Q3 FY15	Change	9M FY16	9M FY15	Change
Revenue	14,525	11,074	31%	48,501	35,540	36%
Less: Power Trading	339	696	-51%	1,728	2,855	-39%
Net Revenue	14,186	10,378	37%	46,773	32,685	43%
EBITDA	5,364	3,140	71%	19,098	9,213	107%
Less: Power Trading	10	25	-60%	53	95	-44%
Adjusted EBITDA	5,354	3,115	72%	19,045	9,118	109%
Adj EBITDA Margin (%)	38%	30%		41%	28%

Details of Major Power Projects under Operation for the Quarter

Projects	Capacity	Units Generated	PLF	Total Revenue	EBITDA	PAT	EBITDAMargin
Projects	(MW)	(MUs)	%	(Rs. Mn)	(Rs. Mn)	(Rs.Mn)
Kondapalli 1	368	126	15%	4,581	1,788	601	39%
Kondapalli 2	366	118	15%
Kondapalli 3A	371	299	57%
Amarkantak 1	300	654	99%	2,003	824	-344	41%
Amarkantak 2	300	176	91%	2,003	824	-344	41%
Tanjore	120	160	61%	508	67	8	13%
Anpara	1200	2,267	86%	6,914	2,651	398	38%
Total	3,025	3,800	57%	14,006	5,330	663	38%

Amarkantak Power (2 X 300 MW)

- PAF for Unit-1 was 100% during the quarter.

- Unit 2 re-started generation fromDecember 5, 2015.

Lanco Kondapalli Power (1476 MW)

- Phase 1 PAF was 96% during the quarter.

- Phase 2operated at 15% PLF due to lower gas supplyduring the quarter.

- Phase 3A started operation fromNovember 3, 2015 and operated with 57% PLF during the quarter.

- Phase 3B COD declared on January 9, 2016.

Anpara Power (2X600 MW)

- PAF for the quarter was 98%.

Tanjore (1X120 MW)

- PLF for the quarterended Dec 2015 was 61% with plant availability of 98%.

NETS (Power Trading)

- Total 233 MUs traded during the quarter at an average realization rate of Rs.4.3/Kwh.156MUs Energy at an average realization rate of Rs.4.8/Kwh and 77Mus energy at an average realization rate of Rs.3.3/Kwh.

2. EPC

Rs.Mn

Particulars	Q3 FY16	Q3 FY15	Change	9M FY16	9M FY15	Change
Revenue	5,049	2,797	80%	18,529	11,328	64%
Forex (loss)/Gain	-142	-256	45%	337	-494	168%
EBITDA	1,112	78	1324%	4,273	960	345%
Adjusted EBITDA	1,254	334	275%	3,936	1,455	171%
Cash Profit / (Loss)	-955	-1,607	41%	-1,869	-3,266	43%
Adj EBITDA Margin (%)	25%	12%		21%	13%

Order Book:

- Current EPC order book stands at Rs.239,867Mn (Excluding Solar EPC)

- Internal Projects constitute ~81% of the Power and Construction EPC Order book

3. Solar

- Solar Generation consists of 41 MW

Rs.Mn

Particulars	Q3 FY16	Q3 FY15	Change	9M FY16	9M FY15	Change
Revenue	1,527	631	142%	2,715	1,731	57%
Forex (loss)/Gain	-13	-34	61%	-83	-57	-45%
EBITDA	206
Media Contact Details A Narasimhan Corporate Communications- Lanco Group Executive Director +91-9650088065 narasimhan@lancogroup.com Saurabh Saxena Vice President Energy & Infrastructure Practice +91-9810233370 \| +91-11-40565100 Ext : 149 saurabh.saxena@adfactorspr.com

Statement of consolidated results for the Quarter and nine months ended December 31, 2015

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