GMR Infra Q2 net dips 40%; to raise Rs 1,000 cr

GMR Infra Q2 net dips 40%; to raise Rs 1,000 cr Mumbai: GMR infrastructure on Tuesday reported a 40 per cent decline in its consolidated net profit at Rs 53.61 crore for the second quarter ended September 30, 2009.

The firm had a net profit of Rs 90 crore during the September quarter of the previous fiscal, GMR Infra said in a filing to the Bombay Stock Exchange.

The company's total income rose to Rs 1,209.76 crore during the July-September period of the current fiscal from Rs 856.59 crore in the same period last year.

The board of the company has approved raising of Rs 1,000 crore through issue of preference shares, subject to shareholders' approval, the filing added.

On a standalone basis, GMR Infrastructure posted a 53.74 per cent drop in net profit at Rs 11.19 crore for the September quarter. Total income rose to Rs 43.36 crore during the period, from Rs 40.72 crore in the year-ago period.

"We are continuing our focus on building business. During the second quarter, we have acquired 100 per cent ownership interest for 600 MW Thermal Power plant from Emco Energu... Overall the performance has been to our expectations," GMR Group Chairman GM Rao said.

Shares of GMR Infra were trading at Rs 67.80, down 1.95 per cent over previous close on the BSE.

Bureau Report