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Videocon Industries, an Indian Multinational Corporation with diversified business operation in telecom, electronics, energy etc reported their first quarterly results for the current fiscal year with a net loss of Rs. 2874.21 crores, posting a whopping 224% increase in net loss as compared to the Rs. 885.82 crores incurred during the June-end quarter of the previous fiscal year.
The total standalone revenue reported in the quarter under review stood at Rs. 241 crores, resulting in an 84.19% decline, as the total revenue in the June-end quarter for the previous fiscal year stood at Rs. 1524.81 crores.
It is the at least fifth consecutive quarter in a row in which the company has reported a net loss with each quarter posting a wider loss than the previous quarter, as the loss for Q4 FY18 stood at Rs. 2072.53 crores.
The company said in a statement that it has written off certain loans and advances amounting to Rs. 1413.35 crores and the same can be viewed as exceptional items during the quarter. The said exercise for the other current assets is continuing.
Also, the National Company Law Tribunal (NCLT), Mumbai bench, admitted a petition for initiating insolvency resolution process against the company under the Insolvency And Bankruptcy Code 2016, on the June 6th, 2018.
