As per the regulatory filing, the PSU clients', against whom the company has received the awards, have preferred to appeal the same, which are presently at various levels of hearing at the courts. The company is very confident of receiving the full amount of Arbitral Awards along with the interest upto the date of receipt in due course.
SPML Infra has substantial claims which are expected to be converted into arbitral awards in the next few years. The company has already filed its claims and is in the final stages of filing several claims with the value of Rs 3000 crore (USD 393.4 Mn) over and above the arbitral awards of Rs 712 crore that have been awarded and expected to be realized in due course of time, company stated.
From the historical track record and based on the various studies conducted on the subject by the company and different stakeholders, including lenders, the company expects higher realization of its claims, however, the lenders have conservatively considered the realization of Rs 1076 crore from claims & awards over a period of time in the on-going debt resolution plan, in-principally agreed by them.
SPML Infra, in its press statement, highlighted that, Out of the aforesaid Rs 712 crore, there is a clarity on Rs 287 crore which have been partly received by the company at its bank account and also deposited with the court. The company also expects further deposit of sizeable amounts as per the directions of the courts. The aforesaid Rs 287 crore and such further amounts as deposited at courts and realized by the company will be used for the reduction of debts of the lenders.
SPML Infra is an infrastructure development company in India. It has executed over 650 projects in the area of drinking water, improved sewerage facilities, better municipal waste management, and lighting up homes.
SPML Infra reported net profit of Rs 1.09 crore in Q3 December 2021 as against net loss of Rs 27.42 crore in Q3 December 2020. Net sales fell 10.74% to Rs 276.01 crore in Q3 December 2021 over Q3 December 2020.
|