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McLeod Russel reports t129 cr net profit in Q2

McLeod Russel India Ltd re-gistered 13 per cent drop in standalone net profit at T129 crore for the quarter ended September 30, 2021, as com-pared with T148 crore in the same period last year. Revenue from operations on standalone basis in-creased by around three per cent at T422 crore (T408 crore).

On a sequential basis, how-ever, the company had posted a net loss of around T58 crore for the quarter ended June 30, 2021. Its financial position con-tinues to be under stress, it said in the notes to accounts on Friday.

The Inter-Corporate Depos-its aggregating to around T2,802 crore are outstanding as on September 30. "These have resulted in mismatch of company's re-sources vis-a-vis its commit-ments, causing hardship in servicing short term and long-term debts and meeting other liabilities," it said.

The corporate insolvency proceeding initiated against the company earlier by Techno Electric & Engineering Company has been with-drawn. Following this, the lenders reinitiated the resolu-tion process of the company in terms of circular dated June 7, 2019 issued by the Re-serve Bank of India.

Inter-Creditor Agreement (ICA) for arriving at and implement-ing the resolution plan has since been confirmed and signed by all the lenders.

The management is hope-ful that with the bankers sup-port in restructuring their debt to a sustainable level and other ameliorative meas-ureswould help the company generate sufficient cash flow. The company's scrip closed at X30.10, up by 4.51 per cent on the BSE on Friday.
 

15 Nov, 2021
BUSINESS LINE




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