CG Power and Industrial Solutions has reported widening of its consolidated net loss to Rs 288.06 crore for the quarter ended March 2020. Its net loss stood at Rs 189.23 crore in the same period last year.
Total income fell to Rs 636.67 crore as compared to Rs 2,005.84 crore earlier, it said in a regulatory filing.
For the full fiscal 2019-20, the company posted a consolidated net loss of Rs 2,166.94 crore, compared to a loss of Rs 507.13 crore in 2018-19.
Total income for the fiscal fell to Rs 5,158.01 crore from Rs 8,048.82 crore in 2018-19.
“In view of the uncertainties regarding the extent and duration of current COVID situation, the Group is not able to predict the future impact on the business operations,” the filing said.
However, it added that “even before this pandemic situation, the Group because of the various reasons (debt resolution)…has been facing financial stress and is working on various options to avail the required financial support.”
Post the requisite financial restructuring, the group believes there will be no significant impact on the recoverability of its financial and non-financial assets, subject to the past events and possible impact thereof, it added.
The group has an unexecuted business order book of over Rs 3,086 crore as of date.
It is currently in active discussions with its lenders for a resolution plan for its debts, after the execution of the Inter-Creditor Agreement which has been executed by 11 out of the 14 lenders of the fund and non-fund facilities that are currently outstanding, it said.
As part of the resolution plan, the company and its lenders are in discussions with potential investors for infusion of capital, it added.
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