Pratibha Industries Q1 net loss at Rs 30 cr

Pratibha Industries today reported a consolidated net loss of Rs 30.15 crore for the quarter ended June 30, due to decline in income.
The infrastructure firm had reported a net profit (after tax, non controlling interest and share in profit/loss of joint ventures/associates) of Rs 16.45 crore in the similar quarter of 2015-16, it said in a regulatory BSE filing.
Total income declined to Rs 694.86 crore during the quarter as against Rs 826.11 crore a year-ago.
Total expenditure was down at Rs 589.43 crore during the April-June quarter as against Rs 672.23 crore in the year-ago quarter.
The company said it is operating only in one segment - engineering, procurement and construction and networth of its two wholly owned subsidiaries have fully eroded due to losses.

"Company's aggregate exposure is of Rs 88.77 crore consisting of investment in the equity share capital and interest free advances granted to these subsidiary companies," it said, adding that all the lenders in the consortium in joint lenders forum agreed to opt for strategic debt restructuring scheme of the company.
Pratibha Industries, flagship company of Pratibha group, is engaged in the areas of urban infrastructure, which includes water supply and distribution projects, waste and sewerage management, including environmental engineering.
Shares of the company closed at Rs 22.55 on BSE, down 4.45 per cent from the previous close.