NEW DELHI: Crisis-hit Unitech Ltd reported a consolidate net loss of Rs 790.83 crore during the last fiscal. Gurugram-based developer had posted a net loss of Rs 1,263.86 crore in the previous fiscal, the company said in a regulatory filing.
Total income declined to Rs 1,371.04 crore during the last fiscal from Rs 1,961.32 crore in the 2017-18.
Finance cost increased to Rs 584 crore during the period under the review from Rs 319 crore a year ago.
In its footnote, the auditor said that because of the company huge losses and default in repayments to its lenders – these conditions indicate “the existence of material uncertainly that may cast significant doubt about the company’s ability to continue as a going concern”.
The going concern is “critically dependent upon the company’s ability to raise finance and generate cash flows in future to meet its obligation,” it said.
The auditor also said that Unitech has incurred losses and defaulted in repayment of principal and interests to its lenders. The lenders have classified the company’s borrowings as non-performing asset (NPA) and some of the lenders have called back loans.
The company has defaulted in repayment to debentures, public deposits, interest thereon, and statutory liabilities. Various litigation matters are pending before different forums and various projects of the company have stalled/slowed down, it added.
Source: Press Trust of India