It’s reported that Reliance Infrastructure Ltd. faced its largest-ever quarterly loss as it booked impairment and write-offs worth Rs 8,500 crore.
The net loss stood at Rs 3,301 crore for the three-month period ended March, as against Rs 134 crore profit in the same period last year, the Anil Ambani-promoted firm said in an exchange filing today after deferring the announcement twice earlier.
The debt-laden infrastructure company booked a one-time impairment of subsidiary Reliance Naval and Engineering Limited, which it had acquired in 2016. It said the amount — which it did not disclose — may be written back upon successful debt resolution pursuant to the updated Reserve Bank of India circular.
The company’s revenues rose 30 percent year-on-year to Rs 4,012 crore during the three-month period. It’s operating profit jumped 234 percent over the same period last year to Rs 888 crore. The margin came in at 22.1 percent versus 8.6 percent year-on-year.