GMR Infrastructures Q2 loss widens to Rs 393 cr

Written by PTI | Hyderabad | Updated: Nov 14 2013, 01:05am hrs
GMR InfrastructureGMR Infrastructure said its loss for the second quarter ended?September 30?widened to Rs 393 crore against Rs 179 crore during the same?quarter a year ago. Reuters
GMR Infrastructure Limitedtoday said its loss for the second quarter (Q2) endedSeptember 30widened to Rs 393 crore against Rs 179 crore during the samequarter a year ago due to high interest and losses in energyvertical.

According to a statement issued by GMR Infrastructure, grossrevenue during the quarter under discussion was at Rs 2,419crore against Rs 2,399 crore during the same period lastfiscal.

GMR Infrastructure had to shell out Rs 684 crore towards interestcharges during the July-September quarter as compared to Rs485 crore in the year-ago period.

Group chairman G M Rao said the macro-economicsituation is showing signs of improvement. However, sustainingthis will need continued focus on reforms and infrastructuredevelopment. It is important to debottleneck crucial areaslike power generation and highways, without which the targetedgrowth rate will be challenging.

"We continue to execute our Asset Light Asset RightStrategy, with the theme of 'develop, build, create value,divest, and reinvest' for our portfolio of assets. At the sametime, we continue to explore opportunities with low capexrequirements and quick cash generation," Rao said.

The airport operations at Delhi and Hyderabad arestable and both are experiencing healthy growth of passengers,especially international. The Istanbul airport turned PATpositive for the current quarter. On the regulatory side, thegroup company has already filed the tariff application forHyderabad airport, he said.

"In our energy portfolio, the lack of gas continues toaffect us. This is being offset to some extent as our coalbased plants are now stabilising. Recently, we commissionedthe second unit of 300 MW at EMCO, the 350 MW second unit atKamalanga and the transmission unit at Maru," he said.

"In addition, we won a 150 MW power supply bid forTamil Nadu. We continue to focus on creating liquidity bymeticulous management of our receivables and cash flow," headded.

GMR's airport business witnessed profit after tax (beforeminority interest) at Rs 57 crore during the second quarteragainst Rs 28 crore loss during the Q2 of FY13. The groupcurrently manages three airports (two in India and one inTurkey).

The Delhi airport has witnessed 9 per cent overallpassenger growth (Y-o-Y) and 19 per cent growth in theinternational segment, while non-aero revenues and cargo grewat 18 per cent and 5 per cent, respectively over last year.

Hyderabad Airport has seen 6 per cent passenger growthwhile Istanbul Airport has turned PAT positive for the currentquarter.

Negative PAT was seen in energy segment mainly due tonon-availability of gas and losses in Kamalanga and EMCOplants, which are under stabilisation, GMR Infrastructure said in thestatement.

The segment registered Rs 333 crore loss (before minorityinterest) during the quarter against Rs 127 crore loss in thesame quarter last year.

Shares of GMR Infrastructure were trading at Rs 21.60 apiece down 1.82per cent on BSE at 1300 hours.