Haier

Videocon Industries’ Q1 Net Loss Widens To Rs 2874 Crore

Videocon Industries standalone net loss widened to Rs 2874.21 crore for April-June 2018-19 as against a loss of Rs 885.82 crore in the year-ago period due to write off of certain loans and advances of Rs 1413.35 crore.

Total income in the reported quarter stood at Rs 272.25 crore. It was Rs 1642.11 crore in the year-ago quarter, Videocon Industries said in a BSE filing.

It said revenue from operations, part of total income, for April-June 2017 is inclusive of excise duty. Consequent to applicability of GST with effect from July 1, 2017, revenue from operations are shown net of GST.

The company said it has written off certain loans and advances aggregating to Rs 1413.35 crore and the same is shown as exceptional items during the quarter.

The said exercise for other current assets is continuing, it added.

On June 6 this year, National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency and Bankruptcy Code, 2016.

Shares of Videocon Industries settled 4.55 percent down at Rs 5.45 apiece on BSE. – Moneycontrol

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