GVK Power & Infrastructure Ltd has posted a profit of Rs 23.14 crore for the fourth quarter ended March 31, 2018 as against a loss of Rs 205.85 crore for the corresponding quarter of the previous financial year on a standalone basis. The diversified infrastructure company posted total revenue of Rs 28.22 crore for the fourth quarter as against Rs 25.85 crore for the same period in the previous year.

For the financial year ended March 2018, the company posted a loss of Rs 36.08 crore and revenue of Rs 92.14 crore as against a loss of Rs 271 crore and revenue of Rs 79.67 crore for the previous fiscal. The company has made investments and has receivables aggregating to Rs 694.14 crore, and has provided guarantees and commitments for loans amounting to Rs 7,520 crore taken by GVK Coal. The current liabilities exceed current assets by Rs 13,989 crore ($ 2,151 billion). It has incurred a loss of $77 million or about Rs 501.89 crore.

GVK Coal is in discussion with non-controlling shareholders to realign the option exercise dates, looking for additional funding from potential investors and working with lenders to reach an optimal solution. Referring to its subsidiary, GVK Energy Ltd, the company management said there has been uncertainty regarding supplies and availability of gas to power plants to GVK Industries Ltd and GVK Gautami Power Ltd, with both companies making losses. The lenders have classified these assets as non-performing assets.

Referring to GVK Power Goindwal Sahib Ltd, the company said it was working with lenders towards a resolution plan as required by RBI on resolution of stressed assets. The GVK management is also working on resolving issues relating to GVK Ratle Hydro Electric Project, GVK Bagodara Vasad Expressway and is hopeful of resolution of its concerns. The GVK group, which has won the bid for Navi Mumbai International Airport, is in the process of achieving financial closure.

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