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GVK Group trims net loss to Rs 96 crore in Q3

GVK Group trims net loss to Rs 96 crore in Q3
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GVK Power and Infrastructure Ltd reported Rs96-crore consolidated net loss for the quarter ended December 31, 2019, as against Rs 101 crore in the...

Hyderabad: GVK Power and Infrastructure Ltd reported Rs96-crore consolidated net loss for the quarter ended December 31, 2019, as against Rs 101 crore in the previous corresponding third quarter.

However, the GVK Group improved its financial performance in the airports space. The airports segment of the GVK Group garnered Rs1,044 cr revenue in the third quarter against Rs930 crore in the October-December quarter.

According to its filing with bourses, the total revenue of the company stood at Rs1,156 cr during the quarter as against Rs 1,109 core in third quarter of 208-19 fiscal.

Auditors of GVK expressed serious concerns over the group's ability to continue as a 'going concern' owing to huge pile of debts.

Further the group is facing material uncertainties over several projects by it, its associates and joint ventures, for which it has provided guarantees and commitments and/or has undertaken to provide financial assistance.

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