GVK Power & Infra Q2 loss widens to Rs 77 cr, MD resigns

GVK Power and Infra said its board has accepted the resignation of GVK Reddy as MD of the company

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 quarter a year earlier, 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.