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IVRCL Ltd has posted a loss of ₹344.41 crore for the first quarter ended June 30, 2018 as against a loss of ₹244.74 crore for the corresponding quarter of the previous fiscal.
The Hyderabad-based infrastructure company, which is debt-trapped and facing insolvency petitions, registered a total income of ₹205.74 crore for the quarter against ₹522.66 crore in the same quarter of the previous fiscal.
The company had posted a loss of ₹1,991.21 crore and total income of ₹1,500 crore for the financial year ended March 31, 2018.
Net worth eroded
The company’s accumulated losses have mounted to ₹4,520.65 crore with erosion of net worth as on June 30, 2018.
The company has obligations towards fund-based borrowings aggregating to ₹8,054.99 crore and non-fund based exposure, operational creditors and statutory dues.
The company’s ability to continue as a going concern is dependent upon many factors including continued support from the financial creditors and submission of a viable revival plan in the insolvency petition now under consideration by the National Company Law Tribunal.
Since the matter is under consideration by the NCLT and the company is now under management of Insolvency Resolution professional appointed by the Tribunal, a moratorium has been placed till the case gets resolved.
Sutanu Sinha, resolution professional, has informed that expression of interest has been invited from potential investors to see if the company manages to attract a resolution plan.
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