GVK Power & Infra net loss at Rs 43.66 cr in Jul-Sept qtr
Hyderabad: GVK Power and Infrastructure Ltd on Saturday reported net loss of Rs 43.66 crore for the quarter ended September 30, mainly due to interest burden and shortage of gas supply to the group's power projects.
The infrastructure major had posted a net profit of Rs 37.92 crore in the corresponding quarter of the previous year.
This is the second consecutive quarter the Group has shown losses.
In the previous quarter (April-June) it reported Rs 64.30 crore net loss.
However, GVKPIL's consolidated total income rose by 34 percent to Rs 640.35 crore for the July-September quarter against Rs 477.38 crore during over the corresponding quarter of the previous year.
"The loss during the quarter was attributable, mainly to the interest paid on debt raised for acquisition of equity stake in Bombay and Bangalore Airport projects taken on books during the quarter, otherwise the results would have been exemplary.
"Another reason for the loss was restricted supply of gas for the power projects as a result of which the plants did not operate at full capacity," GVK said.
The Group has incurred Rs 176 crore towards interest for the quarter under review against Rs 79 crore during the same period a year ago.
The three gas-based projects of GVK put together have recorded a revenue of Rs 267.88 crore for the quarter ended September 30 as against Rs 406.90 crore for the corresponding quarter of the previous year.
Mumbai International Airport Pvt Ltd recorded revenue of Rs 314.45 crore during the reported quarter as against Rs 333.04 crore for the corresponding quarter of the previous year.
Bangalore International Airport Ltd recorded revenue of Rs 149.45 crore as against Rs 147.17 crore for the corresponding quarter of the previous year.