The Hindu Business Line

GVK Power Q1 loss widens to ₹132 crore

- Business · Hyderabad · GVK

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.

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