IVRCL has posted a huge loss of ₹244.74 crore for the first quarter ended June 30, 2017, against a loss of ₹153.58 crore for the corresponding quarter last year.
The Hyderabad-based construction and infrastructure company continues to struggle with mounting debt burden and poor execution of contract work further impacting its performance. It is pinning hopes on a strategic investor.
There has been a non-binding offer by an investor to acquire stake of the lenders.
The company posted revenues of ₹522.6 crore for the quarter against ₹452.69 crore for the same period a year ago.
For the last fiscal ended March 31, the company had posted a loss of ₹1313.7 crore and income of ₹2054.19 crore.
The board, which met today, approved the results. During the quarter, the company has incurred a net loss of ₹244.74 crore resulting in accumulated losses of ₹2428.15 crore as on June 30, leading to substantial erosion of its net worth.
The company has obligations towards borrowings aggregating to ₹5492.80 crore including ₹1914.61 crore due over next 12 months along with obligations pertaining to operations including unpaid creditors.
The management of the company believes to complete the divestment plan and meeting its obligations in due course with the help of a new investor.
The financial statements have been prepared as a going concern.