GVK Power & Infrastructure Limited has posted profit of ₹16.11 crore and total revenues of ₹23.84 crore for the first quarter ended June 30, 2018 on a standalone basis.

The diversified infrastructure company had posted a profit of ₹6.77 crore and total revenue of ₹22.42 crore for the corresponding quarter of previous fiscal.

For the financial year ended March 31, 2018, the company had posted a loss of ₹36.08 crore and total revenue of ₹92.14 crore.

In accompanying notes to the results, the GVK management has said the company has made investments in GVK Coal Developers (Singapore) Pte Limited and this is assessed as an associate company. GVK Coal has not been able to achieve financial closure resulting in delays in commencement of mine development. This has been classified as a non-performing asset.

The company is in discussions with non-controlling shareholders to realign the option exercise dates, it is looking for additional funding from potential investors and is working with lenders to reach an optimal solution.

GVK, while expressing concerns about coal and gas supplies for its power plants, stated efforts are on to resolve some of the pending concerns of these power plants.

The company is faced with uncertainty with regard to coal supply to GVK Power (Goindwal sahib) Limited, and later deallocation of coal mine, and efforts are on to settle issues relating to the project after it was allocated coal linkage through the Shakti scheme.

The company is working towards a resolution plan with the lenders. The company mentioned that it won the mandate to develop the Navi Mumbai International Airport project and has also achieved financial closure for the project.

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