MUMBAI: The Ashok Piramal Group ’s real estate development company Peninsula Land has defaulted on its loan obligations of Rs 2.35 crore to the State Bank of India. The company also faces high refinancing risk given sizeable debt repayment obligations (excluding collection linked payments)aggregating to Rs. 1,167 crore in the next twelve months,” ICRA had said in its ratings statement in November.On a consolidated basis, the company’s debt level was at Rs 2,310 crore as on July 2019 including project-level debt. For the quarter ended September, the company reported net loss of Rs 220.10 crore and revenue of Rs 10.08 crore. During the last financial year 2018-19 (April-March), it reported net loss of Rs 777.91 crore and revenue of Rs 134.96 crore.

Source: Economic Times January 02, 2020 03:33 UTC