CG Power’s losses widen

Our Bureau Mumbai | Updated on January 29, 2020 Published on January 29, 2020

CG Power and Industrial Solutions has reported a net loss of ₹1,595.21 crore in the September-ended quarter from a loss of ₹101.83 crore a year ago.

Total income of the troubled company went down to ₹1,548.50 crore in Q2 of this fiscal from ₹2,115.27 crore a year ago, according to a filing in the exchanges. The company had earlier informed the exchanges about the delay in submission of the financial results for the first and second quarter.

CG Power said that a few notices were returned undelivered and a few could not be sent for want of requisite details. “In view of the same, the group has made a provision for such outstanding amount due from third parties/ unrelated parities aggregating to ₹963.91 crore in the unaudited consolidated numbers for the quarter ended 30 September, 2019,” it said. The group will continue with the recovery process for the said receivables, it added.

Published on January 29, 2020
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