Reliance Infrastructure Ltd’s consolidated net loss narrowed sharply to just Rs 153.84 cr in Q4FY20
New Delhi: Anil Ambani-led Reliance Infrastructure Ltd’s consolidated net loss narrowed sharply to just Rs 153.84 crore for the fourth quarter of 2019-20 fiscal as against Rs 3,202.32 crore in the same period of the previous fiscal. The consolidated revenue from operations of the company fell about 9 percent to Rs 3,625.86 crore for the fourth quarter of the last fiscal as compared to Rs 3,954.74 crore in the same period of the previous fiscal.
For the entire fiscal 2019-20, the consolidated net profit of the company stood at Rs 771.17 crore as compared to consolidated net loss of Rs 2,426.82 crore in the previous fiscal.
For the entire fiscal 2019-20, the consolidated revenue from operations dropped marginally to Rs 18,869.97 crore as compared to consolidated revenue from operations of Rs 19,174.34 crore in the previous fiscal, the company said in a regulatory filing.
HDFC had recently acquired about 8.21 percent stake in Reliance Infrastructure Ltd as the housing finance company invoked the pledged shares by Axis Trustee Services Ltd. HDFC acquired 2.15 crore shares having voting rights in Reliance Infrastructure.
Meanwhile, Reliance Infrastructures Ltd has defaulted in repayment to various lenders like Yes Bank, J&K Bank and SREI Equipment Finance Ltd.
Total amount of outstanding borrowings from banks and financial institutions as on 1 March stood at Rs 4,592 crore. Total financial indebtedness of Reliance Infra including short-term and long-term debt as on 1 March 2020 stood at Rs 6190 crore.
Within months of Reliance Infrastructure inducting Anil Ambani's sons- Anmol and Anshul into the board of directors, the two have resigned from the their positions on 31 January 2020.
The two had joined the board of the infrastructure company as non-executive directors on 9 October, 2019. The company did not specify the reason for the resignation.
The company had suffered a net loss of Rs 1,664 crore in the 2018-2019 financial year.