This, a week after the Anil Ambani-led company's auditors raised red flags over its financial results
Reliance Infrastructure had reported a net loss of ₹3,301 crore for the quarter ended March 31 on a consolidated basis
New Delhi: Ratings agency India Ratings Friday downgraded Reliance Infrastructure Ltd's long-term issuer rating to 'D - Issuer Not Cooperating'.
The downgrade comes barely a week after the Anil Ambani-led company's auditors raised red flags over its financial results as well as "significant doubt" over the group's ability to continue as a going concern.
Reliance Infrastructure had reported a net loss of ₹3,301 crore for the quarter ended March 31 on a consolidated basis. The company had recorded a profit of ₹133.66 crore in the corresponding quarter of the previous financial year.
On an annual basis, it had incurred a loss of ₹2,426.82 crore for 2018-19. It had reported a profit of ₹1,255.50 crore in 2017-18.
The company's auditors BSR & Co LLP and Pathak HD & Associates had remarked in their note: "The Group and its associates and joint venture incurred a net loss (after impairment of assets) of ₹2,426.82 crore during the year ended 31 March 2019" and pointed out anomalies saying that "the consequential impact of these events or conditions, along with other matters...indicate that a material uncertainty exists that may cast significant doubt on the Group's ability, particularly in relation to the above, to continue as a going concern".
This story has been published from a wire agency feed without modifications to the text.
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