New Delhi: Pipavav Defence and Offshore Engineering Company Ltd on Saturday reported a standalone net loss of Rs 236.04 crore for the quarter ended March 31, on the back of sharp decline in income from operations.
However, the company had reported a net profit of Rs 1.30 crore in the year-ago period, it said in a regulatory filing.
The standalone total income from operations of the company during January-March quarter was at Rs 50.35 crore, a decline of 88.8 percent.
The company's standalone total income from operations in the year-ago period was Rs 450.69 crore.
For the year-ended March 31, 2015 the company's net loss was at Rs 369.03 crore. However, for the 2013-14 the company's net profit was Rs 8.35 crore.
The company didn't give its consolidated quarterly figures.
For the entire 2014-15, the company's consolidated net loss was at Rs 398.54 crore. While for the year-ended March 31, 2014 the company's consolidated net profit was at Rs 2.72 crore.
On March 4, 2015, it said, "Reliance Infrastructure Ltd together with its wholly-owned subsidiary Reliance Defence Systems have entered into the agreement with the company and its existing promoters for acquisition of 17.66 percent of shareholding of the company from the existing promoters of the company and acquiring sale management control in the company."
"The acquirer and persons acting in in concert are in the process to get necessary approvals for acquiring 26 percent of the equity shares of the company from the public shareholders through open offer," it added.
The company further said it has entered into master restructuring agreement in March with the lenders under corporate debt restructuring (CDR) forum by virtue of which all the credit facilities extended by CDR lenders to the company have been restructure and added that "the restructuring scheme has been implemented as at March 31, 2015."
"The restructuring scheme provides for additional term loans for the capex, additional working facilities, equity infusion by the promoters, repayment moratorium of all the principal and interest outstanding of the CDR lenders, reduction in interest rates etc," it said.
