Our Bureau IVRCL has posted a loss of ₹1,152.42 crore for the fourth quarter ended March 31 as against a profit of ₹626.06 crore in the comparable previous quarter on a standalone basis.

The Hyderabad-based construction and infrastructure company posted a total income of ₹242.92 crore for the March quarter as against ₹686.35 crore for the corresponding quarter last fiscal. For the financial year ended March 31, the company’s losses were ₹1,991.21 crore on a total income of ₹1,500 crore against a loss of ₹129.52 crore and income of ₹2,054.19 crore in the previous financial year.

Faced with insolvency proceedings at the NCLT, Hyderabad, IVRCL’s operations are now being overseen by Sutanu Sinha, Insolvency Resolution Professional. The powers of the board were suspended.

On a consolidated basis, the company posted a loss of ₹2198.6 crore and total income of ₹2042.8 crore for FY18 as against a loss of ₹844.25 crore and total income of ₹2,667.26 crore for FY17.

The company posted a loss of ₹1,991 crore in FY18, resulting in accumulated losses of ₹4,176.24 crore as of March 2018 with its net worth getting eroded.

IVRCL has obligations towards fund-based borrowings aggregating to ₹7,757.72 crore and non-fund based exposure of ₹1,283 crore. Its ability to continue as a going concern is dependent upon continued support of financial creditors, operational creditors and submission of a viable revival plan by the prospective investor/bidder.

Resolution and revival is possible in the foreseeable future, according to IVRCL. Accordingly, the RP has prepared the results as a going concern.

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Published on July 1, 2018