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GVK Power & Infrastructure Ltd has posted a profit of ₹16.15 crore for the third quarter ended December 31, 2018 as against a profit of ₹10.94 crore for the corresponding quarter of previous fiscal on a standalone basis.
The diversified infrastructure company logged in revenues of ₹22.66 crore as against ₹21.34 crore in the same period last year. For the financial year ended March 31, 2018, the company posted a loss of ₹36.08 crore and revenue of ₹92.14 crore on a standalone basis.
The company, in its accompanying notes to the results has said its investments in coal resources and certain subsidiaries and a jointly controlled entity of GVK Energy Ltd are facing uncertainties due to fuel supplies, both gas and coal, thereby, making losses. The company has also taken up the issue of coal allocation to its power plant in Punjab-GVK Goindwal Sahib, wherein the initial allocation of a coal block was cancelled.
GVK stated that it would be appropriate to recognise investments and loans and advances given to GVK Energy aggregating ₹1,101 crore in standalone financial results.
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