Feb 15, 2017 01:48 PM IST | Source: CNBC-TV18

No solution on debt restructuring yet, says Rolta

Speaking to CNBC-TV18, KK Singh, Chairman and Managing Director of Rolta India, said a conscious decision to decline contracts for third party-based projects had contributed to a flattish third quarter.

KK Singh, Chairman and Managing Director of Rolta India, said on Wednesday that its conscious decision to decline contracts for third party-based projects had contributed to a flattish third quarter.

Speaking to CNBC-TV18, Singh said the company wanted to do more IP work and had been undertaking more system integration work in the third quarter, which it wanted to reduce it as it affected the bottomline.

In earnings reported earlier, net profit was down 22.5 percent at Rs 98.7 crore against Rs 127.3 crore quarter-on-quarter, while total income was up 0.2 percent at Rs 343.9 crore versus Rs 343.2 crore.

Singh said foreign exchange loss at Rs 16 crore was also a factor, while there was a lot of stress on financial costs because of a defence project.

He said discussions were still on among bondholders to negotiate a debt restructuring after the software services provider failed to make interest payments, but no solution had been arrived at as yet.

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