CG Power and Industrial Solutions on Wednesday reported widening of its consolidated net loss to ₹1,595.21 crore in quarter ended in September 2019, from ₹101.83 crore loss year ago, mainly due to lower income.

Total income of the company fell to ₹1,548.50 crore in the second quarter of this fiscal from ₹2,115.27 crore year ago, according to a BSE filing.

The company’s consolidated net loss also widened to ₹1,668.81 in April-September this fiscal from ₹212.09 crore loss in same period year ago, it said.

The company had reported a consolidated net loss of ₹507.13 crore in 2018-19.

Total income of the company in the first half of this fiscal declined to ₹3,330.87 crore from ₹3,958.87 crore year ago.

The company had earlier informed the bourse about the delay in submission of the financial results of first and second quarter of this fiscal.

“During the quarter and six months ended September 30, 2019, the group has carried out the process for recovery of outstanding advances by issuing recovery notices to various third parties,” the company said.

In the process, the company informed that a few notices were returned undelivered and few notices could not be sent for want of requisite details, it added.

“In view of the same, based on prudence, the group has made a provision for such outstanding amount due from third parties/ unrelated parities aggregating to ₹963.91 crore in the unaudited consolidated financial results for the quarter ended September 30, 2019,” it said.

However, the group will continue with the recovery process for the said receivables, it added.

Related Topics