GVK Power & Infrastructure Ltd has posted a net profit of Rs 6.77 crore for the first quarter ended June 30, 2017 against a loss of Rs 51.04 crore in the corresponding quarter last year on a standalone basis.

The company's total revenue was up at Rs 22.42 crore against Rs 16.85 crore.

Last financial year ended March 31, 2017, the Hyderabad-based diversified infrastructure company had posted a loss of Rs 271.01 crore and a total revenue of Rs 79.67 crore on a standalone basis.

The company's board has appointed Price Waterhouse Chartered Accountants LLP as statutory auditors for five years in the place of SR Batliboi & Associates LLP.

In the accompanying notes to results, the company stated that GVK Coal is in discussions with non-controlling shareholders to realign the option exercise dates, looking for additional funding from potential investors and working with lenders to reach an optimal solution.

GVK Power has accumulated losses and incurred losses during the preceding two years. It has delayed the payment of loans and interest and certain loan accounts have been classified as non performing by banks.

Notwithstanding these issues, the company's results have been prepared as a going concern and the management believes it would be able to establish profitable operations, meet its commitments, and reduce debt by stake sale and entities.

The company shares were trading at Rs 12.10, up 0.41 per cent on the BSE.

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