GVK Power Q2 net loss widens to Rs 77 crore

GVK Power and Infrastructure on Saturday reported a net loss of Rs 76.94 crore for the quarter ended September 30, 2017.

The company had posted a net loss of Rs 13.41 crore in the corresponding period a year ago, GVK Power and Infrastructure said in a regulatory filing to stock exchanges.

Total revenue during the quarter rose to Rs 20.16 crore as compared to Rs 18.55 crore, it said.

In a separate filing, GVK Power and Infrastructure said its board has accepted the resignation of GVK Reddy as managing director of the company.

He, however, will continue on the board as a non- executive chairman, it said.

The board also approved the appointment of P V Prasanna Reddy as a whole-time director of the company for a period of three years from November 11, 2017, without any remuneration.

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