Videocon posts Rs 6,760 crore loss in FY19
New Delhi: Videocon Industries, which is facing insolvency proceedings, on Wednesday reported a huge loss of Rs 6,760.75 crore for the fiscal ending March 2019 against Rs Rs 5,264.04 crore in the year ago period mainly due to a sharp fall in income.
Videocon is under corporate insolvency resolution process under the Insolvency and Bankruptcy Code and since September its affairs, business and assets are being managed by resolution professional Abhijit Guhathakurta.
The financial results has been approved by the RP (resolution professional), the company said in a regulatory filing.
Total income declined to Rs 1,062.62 crore in 2018-19 from Rs 3,423.91 crore in the previous year.
In the January-March quarter, the company's loss widened to Rs 1,638.40 crore from Rs 1,023.08 crore in the comparable period of 2017-18.
Videocon said it had written off certain loans and advances aggregating to Rs 1,413.35 crore during the year ended March 2019 and "the said exercise for other current assets is continuing".