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Lenders have approved the debt restructuring plan of the Hyderabad-based infrastructure company Gayatri Projects Ltd.
Post the debt restructuring approved by a consortium of lenders, the short-term loans of the company have been recognised as long-term. Based on the cash flows of the company, interest rates on various credit facilities have been reduced with effect from July 1, 2014. The interest amount of Rs 17.57 crore was reduced from the finance costs during the quarter.
In a filing made with the BSE, the company has informed it has accounted for its share of loss in IJM-Gayatri joint venture amounting to Rs 45 crore during the quarter ended December 31, 2014.
The company posted a net profit of Rs 2.72 crore during the third quarter ended December 31, 2014 against Rs 1.62 crore in the same period last year.
Total income for the third quarter was lower at Rs 392.54 crore against Rs 421.60 crore in the same period last year.
For the nine months ended December 31, 2014, the company closed with a net profit of Rs 6.09 crore and a total income of Rs 1,041.06 crore against a net profit of Rs 31.58 crore and income of Rs 1,314.03 crore in the same period last year.
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