GMR Infra Q2 net loss narrows to Rs 399 crore

New Delhi: GMR Infrastructure on Saturday said its consolidated net loss in July-September quarter narrowed to Rs 398.67 crore on the back of better operating margins from power plants and robust traffic growth in airports.

The company had reported a net loss of Rs 609.86 crore in the year-ago period, it said in a filing to BSE.

"Better operating margins from power plants and robust traffic growth in airports have contributed to reduction in losses (from ordinary activities after tax but before minority interest and share of loss from associates) to Rs 375 crore in Q2FY16", the company said in a press statement.

The consolidated sales of the company increased to Rs 3,070.75 crore over Rs 2,636.03 crore in the year-ago period, it said.

The interest in absolute terms has reduced by Rs 33 crore over the last quarter. This is owing to deleveraging and refinancing efforts of the group, adding that the current rate cuts announced by the banks are expected to further reduce the interest rates.

The company's EBIDTA improved by 52 percent to Rs 900 crore in September quarter as compared to Rs 590 crore in the corresponding quarter of the previous fiscal.

"Energy vertical continues to show improvement on account of improved PLF (plant load factor) and higher tariff realisation in EMCO and Kamalanga. Energy EBITDA for the quarter has grown more than 6 times," it said.

EBITDA in airport sector increased by 32 percent to Rs 502 crore in the July-September quarter from Rs 379 crore in the corresponding quarter of the last fiscal.

It further said that airport vertical witnessed good traffic growth in all the airports.

While EBITDA in Delhi airport improved by 18 percent for the quarter to Rs 380 crore, in Hyderabad airport it increased by 23 per cent to Rs 54 crore.

Meanwhile, in a separate filing, the company said "the board of directors at its meeting on November 13, 2015, have taken on record that Raxa Security Services Ltd has become a subsidiary of GMR Infrastructure Ltd in accordance with the provisions of the Companies Act, 2013."

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.