Aban Offshore Reports Widening Losses and Financial Distress in Q1
Aban Offshore Limited's Q1 consolidated results show deepening financial troubles. Revenue declined 24.20% to Rs 1,162.35 crore, with net loss widening to Rs 2,528.12 crore. The company faces severe financial challenges, including negative net worth, loan defaults, and breaches of debt covenants. Despite standalone operations remaining profitable, the company is in discussions with lenders for a debt resolution plan. Auditors have expressed concerns about the company's going concern status.