Videocon Industries today reported widening of standalone net loss to Rs 885.82 crore for the three months ended June this year.
According to a PTI report: The group had a net loss of Rs 368.75 crore in the year- ago period, it said in a regulatory filing.
The company’s total income fell sharply to Rs 1,642.11 crore in the June quarter this year, from Rs 2,888.94 crore in the same period a year ago.
However, total expenses reduced to Rs 2,609.32 crore in the quarter under review.
With respect to investments worth Rs 7,500.20 crore in the Videocon Telecommunications Ltd (VTL), the auditor has flagged concerns in the limited review report for the June quarter.
“In view of the huge accumulated losses at VTL, we are unable to express an opinion on the extent of realisability of…investments in VTL. The consequential effect…on the unaudited standalone financial results for the quarter ended June 30, 2017 is not ascertainable,” as per the report that is part of the filing.
In response, Videocon Industries said that though VTL has huge accumulated losses, its net worth is positive.
“The management is confident of continuing its commercial operations in the National Long Distance and International Long Distance business. Accordingly, in the opinion of the management, no provision is required for diminution in the value of… investment in VTL,” the filing said.
On November 14, the company informed the exchanges that its board would meet on November 20 “to consider and take on record the un-audited financial results for the quarter ended June 30, 2017”.
However, the reason for delayed reporting of June quarter results.