GVK’s Loss Shrinks To Rs 96 Crore In Q3

GVK’s Loss Shrinks To Rs 96 Crore In Q3 - Sakshi Post

HYDERABAD: GVK Power and Infrastructure Limiteds consolidated net loss during the quarter ended December 31 was reported at Rs 96 crore from Rs 101 crore in the third quarter of the last fiscal, the company said in a filing with bourses.

The total revenue of the company stood at Rs 1,156 crore during the quarter as against Rs 1,109 core in Q3 FY '19.

Airports segment of theGVKGroup garnered Rs 1,044 crore revenue in the third quarter against Rs 930 crore in the October-December quarter.

Auditors of GVK expressed serious concerns over the group's ability to continue as a 'going concern' owing to huge pile of debts.

Further material uncertainties are being faced by various projects executed by the group, its associates and joint ventures and for which it has provided guarantees/commitments and/or has undertaken to provide financial assistance.

These conditions, along with other matters, indicate that a material uncertainty exists that may cast significant doubt on the groups ability to continue as a going concern," GVKs auditors Price Waterhouse Chartered Accountants LLP said in their comments.

The group has incurred losses of about Rs 388 crore for the nine months of the current fiscal and has defaulted in repayment of loans and interest payments, they said. (PTI)

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