Reliance Defence's Q4FY17 saw net loss of Rs 140 crore

Anil Ambani's Reliance Defence on Tuesday reported standalone net loss of Rs 139.92 crore for fourth quarter ended March 31, 2017 (Q4FY17), against net profit of Rs 102.44 crore in the similar period of previous year. 

The company reported net loss of Rs 132.7 crore in October 2016 – December 2016 period. 

However, standalone total revenue stood at Rs 250.84 crore in Q4FY17, which saw a whopping rise of 117.34% year-on-year (YoY) and 89.11% quarter-on-quarter (QoQ) basis. 

In overall FY17, Reliance Defence's net loss slightly narrowed at Rs 523.43 crore as against net loss of Rs 528.65 crore in FY16. While total revenue witnessed 62.91% growth to Rs 564.14 crore in FY17 from Rs 346.27 crore of FY16. 

In its meeting held on Tuesday, Reliance Defence appointed Kartik Subramaniam as Cheif Executive Officer of the company for a period of three years effective from tonight. 

Also, the company's board approved rasing funds through rights issue aggregrating up to Rs 1,200 crore. 

Shares of Reliance Defence closed at Rs 68.50 a piece on BSE, up by 0.74%.