The Hindu Business Line
GVK Power Q1 loss widens to ₹132 crore
GVK Power & Infrastructure Ltd has posted a ₹132.78 crore loss for the first quarter ended June 30, 2019 as against a loss of ₹54.29 crore on a consolidated basis.
The Hyderabad-based infrastructure company logged in total revenue of ₹1042.12 crore as against ₹1106.33 crore for the corresponding quarter of previous fiscal.
In FY19, the company had closed with a total loss of ₹306.83 crore and total revenues of ₹4,363.10 crore.
It also has receivables aggregating to ₹760.97 crore. The company also provided guarantees for loans amounting to ₹7,804.62 crore taken by GVK Coal as on June 30, 2019.
GVK Power and Infrastructurewill provide financial assistance of $7.61 million, to an entity whose current liabilities exceeds $2 billion.
The company said that it has not been able to achieve financial closure resulting in delays in commencement of mine development.
Certain lenders of GVK Coal have classified the loan as non-performing and the lenders had an option to curtail the rights of the company, but the lenders have not yet exercised the option.