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Business News/ Companies / Company-results/  Pipavav Defence posts stand-alone Q4 net loss of Rs236.04 crore
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Pipavav Defence posts stand-alone Q4 net loss of Rs236.04 crore

Stand-alone total income from operations in Q4 was at `50.35 cr compared with `450.69 cr in the year-ago period

The company has said that it has entered into master restructuring agreement in March with lenders under CDR forum by virtue of which all the credit facilities extended by CDR lenders have been restructured and added that “the restructuring scheme has been implemented as at 31 March 2015. Premium
The company has said that it has entered into master restructuring agreement in March with lenders under CDR forum by virtue of which all the credit facilities extended by CDR lenders have been restructured and added that “the restructuring scheme has been implemented as at 31 March 2015.

New Delhi: Pipavav Defence and Offshore Engineering Co. Ltd reported on Saturday a stand-alone net loss of 236.04 crore for the quarter ended 31 March on the back of sharp decline in income from operations.

The company had reported a net profit of 1.30 crore in the year-ago period, it said in a regulatory filing.

Stand-alone total income from operations of the company during the March quarter was at 50.35 crore compared with 450.69 crore in the year-ago period.

For the year-ended 31 March, the company’s net loss was at 369.03 crore. compared with a net profit of 8.35 crore in the previous fiscal year.

The company didn’t give its consolidated quarterly figures. For the full fiscal year 2015, the company’s consolidated net loss was at 398.54 crore compared with a net profit of 2.72 crore in the year-ago period.

The company had said on 4 March that Reliance Infrastructure Ltd, together with its wholly-owned subsidiary Reliance Defence Systems, had entered into an agreement with the company and its existing promoters for acquisition of a 17.66% shareholding from the existing promoters and acquiring sale management control in the company.

The company further said it has entered into master restructuring agreement in March with lenders under corporate debt restructuring (CDR) forum by virtue of which all the credit facilities extended by CDR lenders to the company have been restructured and added that “the restructuring scheme has been implemented as at 31 March 2015." “The restructuring scheme provides for additional term loans for the capex, additional working facilities, equity infusion by the promoters, repayment moratorium of all the principal and interest outstanding of the CDR lenders, reduction in interest rates, etc.," it said. PTI

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Published: 30 May 2015, 08:56 PM IST
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