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Nation Current Affairs 16 Oct 2020 L&T Metro Rail ( ...

L&T Metro Rail (Hyderabad) suffers Rs 916 crore loss during lockdown

PTI
Published Oct 16, 2020, 7:38 pm IST
Updated Oct 16, 2020, 7:38 pm IST
The total income from operations plunged to just Rs 60 crore during the period under discussion.
Hyderabad metro
 Hyderabad metro

Hyderabad: L&T Metro Rail (Hyderabad) suffered Rs 916 crore loss during the first six months of the current fiscal following a prolonged lockdown to contain coronavirus, the company that operates the elevated rail corridor here, has said in a disclosure.

The total income from operations plunged to just Rs 60 crore during the period under discussion.

 

"The operations of the company were suspended for significant part of the period in the current financial year due to lockdown imposed by Government on account of COVID 19. Hence the disclosure of the ratios is not applicable,"it said.

Metro rail services in the city were suspended in March last week as part of lockdown to contain the spread of coronavirus.

The Centre as part of Unlock-4 allowed the services from September 7.

It incurred Rs 383 crore loss during the last financial year.

L&T in its latest annual report said it may invoke force majeure clause with Telangana Government seeking extension of the concession period equivalent to the time it could not operate due to lockdown.

 

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Location: India, Telangana, Hyderabad




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