Jaiprakash Power Ventures today posted a profit of about Rs 4 crore on standalone basis for the April-June quarter of 2018-19.
The company had recorded a loss of about Rs 19 crore in the same period a year ago.
Its revenue on standalone basis increased by 7.3 per cent to Rs 1,090.13 crore in the reported quarter compared to Rs 1,016.13 crore in the corresponding quarter of previous fiscal.
Jaiprakash Power said the company has not been able to service the lenders dues regularly due to unsatisfactory operations and in order to overcome the financial stress, the company and lenders are in process of formulating a revival plan.
In the Joint Lender Forum (JLF) meeting held on July 25, 2016, the Lenders invoked SDR (Strategic Debt Restructuring) and consequent to this Jaiprakash Power has allotted 30,580 Lakhs equity shares at Rs 3,05,800 lakhs in February 2017 to banks and financial institutions "Accordingly the equity share capital of the Company been increased to Rs 5,99,600 Lakhs from Rs 2,93,800 Lakhs and the lenders shareholding stood at 51 per cent reduced to 49.85 per cent as on June 30, 2018 of paid up capital of the Company," Jaiprakash Power said.
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)