GVK's loss shrinks to Rs 96 crore in Q3

Hyderabad, Feb 14 (): GVK Power and InfrastructureLimiteds consolidated net loss during the quarter endedDecember 31 was reported at Rs 96 crore from Rs 101 crore inthe third quarter of the last fiscal, the company said in afiling with bourses.

The total revenue of the company stood at Rs 1,156 croreduring the quarter as against Rs 1,109 core in Q3 FY '19.

Airports segment of theGVKGroup garnered Rs 1,044crore revenue in the third quarter against Rs 930 crore in theOctober-December quarter. Auditors of GVK expressed serious concerns over thegroup's ability to continue as a 'going concern' owing to hugepile of debts. Further material uncertainties are being faced by variousprojects executed by the group, its associates and jointventures and for which it has provided guarantees/commitmentsand/or has undertaken to provide financial assistance. These conditions, along with other matters, indicate thata material uncertainty exists that may cast significant doubton the groups ability to continue as a going concern," GVKsauditors Price Waterhouse Chartered Accountants LLP said intheir comments.

The group has incurred losses of about Rs 388 crore forthe nine months of the current fiscal and has defaulted inrepayment of loans and interest payments, they said. GDKNVG NVG