Terraform Magnum Limited has announced a board meeting on which approved the financial results for the quarter and half-year.

The company reported total income from operations at Rs. 0.07 lakh for the quarter with a net loss after tax of Rs. 126 lakh.

It continues to face significant uncertainties in revenue recognition related to an assignment deal at Kandivali (East) due to defaults by the assignee.

The company is recognizing revenue only upon fulfillment of specific performance obligations and resolution of related uncertainties.

Net worth remains negative, but financial statements are prepared on a going concern basis supported by future cash flow projections.