Poor pf During Lowering in Winch Application

The power factor should be low when you're lowering the hoist. It's not doing as much work at that point. (Note I'm assuming that 0.4 lag means the current is lagging the voltage). The 38A seems awfully high though but it might just be the type of motor control. What about this is puzzling you?

Exactly current lags voltages by 0.4. I could not understand why the speed rise during lowering, am i right if i say motor goes on regeneration mode during lowering due high speed.

In drilling applications this is true the motor does go into regen mode during lowering of winch, which will then send the excess power back into either a water cooled resistor, or the system..

I believe you are correct, the increase in speed you are seeing is the excess power being used by the motor (hence regen) , because it must go somewhere.

I would be interested in knowing how the drive expends the power.. It should be in associated literature of drive..