INSUBCONTINENT EXCLUSIVE:
New Delhi: Videocon Industries' standalone net loss widened to Rs 2,874.21 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 1,413.35 crore.
Total income in the reported quarter stood at Rs
It was Rs 1,642.11 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 1,413.35 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 per cent down at Rs 5.45 apiece on BSE.
