GMR Infra Q3 net loss doubles to Rs 217.45 cr
New Delhi: GMR Infrastructure's consolidated net loss has doubled to Rs 217.45 crore for the quarter ended December 31, 2012, largely due to higher interest burden and marginal revenue growth.
The Bangalore-based infrastructure firm, which operates mainly in airports, roads, power and EPC segments, had reported a net loss of the Rs 107.95 crore in the corresponding quarter of the previous fiscal.
Consolidated income from operations of the company rose by 7.83 percent to Rs 2,356.30 crore during the quarter vis-a-vis Rs 2,185.13 crore of the Q3 of FY'12, it said in a filing to the BSE.
Company's expenses at Rs 2,084.11 crore in the Q3 constituted over 88 percent of its total income from operations.
However, a rise of nearly 24 percent in the interest burden at Rs 525.27 crore lead to doubling of net loss for the company.
Among the business segments, the airport business reported a revenue growth of 43.63 percent at Rs 1,598.54 crore during the quarter, while revenues from roads and highways were up 22 percent at Rs 123.76 crore.
On the other hand, GMR reported a 15 percent decline in power and 16 percent decline in revenues from EPC vertical to Rs 520.57 crore and Rs 340.43 crore respectively during the quarter.
According to the company, its subsidiary Delhi International Airport Ltd (DIAL) -- the operator of Delhi International Airport -- reported a net profit of Rs 8.89 crore during the quarter.
Though DIAL has accumulated losses of Rs 1,616.30 crore so far, the company said that GMR management is confident of DIAL making profits in the coming years and meeting its financial obligations.
Talking about Male International Airport, where GMR was forced to relinquish operatorship in December, the company said that it is "confident of proving that the concession agreement (that was signed with Maldives government and MACL) was not void ab initio and the group would be entitled for compensation".
The company also said that it does not "anticipate any compensation to be payable to National Highways Authority of India (NHAI) on account of terminating the contract for six laning of Kishangarh-Udaipur-Ahmedabad section of National Highways 791, 79, 76, and 8.
In December, the company had decided to exit from the project as some critical permissions, including forest clearance, had not been awarded despite GMR winning the bid 16 months back.
The company has invested about Rs 700 crore so far on the project, originally estimated to cost about Rs 9,000 crore.