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GVK Power and Infrastructure, which is currently undergoing insolvency proceedings, reported a consolidated loss for the September quarter, reflecting a significant reduction in income compared with the same period last year. The company, which had recorded a substantial net profit during the corresponding quarter previously, indicated that accumulated losses and delayed or defaulted loan repayments have further strained its financial position. Several of its loan accounts have already been categorised as non-performing by lenders, and multiple insolvency-related actions and legal proceedings are underway across the group's entities.
GVK Power and Infrastructure, which remains under insolvency, reported that it had posted a consolidated loss of INR 1.21 crore for the September quarter, attributing the downturn to a marked decline in income. The company noted that it had recorded a net profit of INR 811.19 crore during the July-September period of the previous financial year. Advertisement
According to its latest exchange filing, the group's total income for the second quarter fell sharply to INR 1.32 crore, compared with INR 412.80 crore in the same period a year earlier. The company confirmed that the GVKPIL Group has accumulated losses, with several of its loan accounts having been delayed or defaulted upon in respect of repayments and interest obligations.
Banks and lenders have since classified various loan accounts as non-performing assets, with some loans being recalled and certain cases filed under the Insolvency and Bankruptcy Code. The group added that the National Company Law Tribunal has appointed resolution professionals for several subsidiaries, step-down subsidiaries and a jointly controlled entity.
GVKPIL further acknowledged that multiple litigations are currently in progress across the group.
The recent financial disclosure indicates a challenging phase for GVK Power and Infrastructure, with declining revenues, accumulated losses and mounting debt-related complications. The classification of several loan accounts as non-performing assets and the initiation of insolvency proceedings across group entities underline the depth of the financial distress. With resolution professionals now overseeing parts of the business and multiple legal matters ongoing, the group's immediate priority will involve navigating the insolvency framework while stabilising its operational and financial position in the coming months.
Source - PTI
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