GVK Power net loss widens to Rs 235.46 cr

Written by fe Bureau | Hyderabad | Updated: May 30 2014, 11:02am hrs
GVK Power and Infrastructure (GVKPIL) has posted a loss of R235.46 crore for the fourth quarter against a loss of R171 crore in the corresponding quarter last year. Sales income was up at R694.41 crore against R500.07 crore for the corresponding quarter last year.

For the full year, the consolidated net loss stood at R368.67 crore against a net loss of R335.97 crore in the previous year. The widened loss was mainly due to low plant-load factor at its gas-based power stations that were hit by inadequate fuel supply and higher interest rates.

The consolidated total income from operations for the year stood at R2,820.93 crore against R2,607.65 crore during the corresponding period of the previous year, recording an increase of 8.18%. Ebidta at a consolidated level for the year stood at R1,005.96 crore against R683.25 crore in the previous year recording an increase of 47.23%. Ebidta margin at consolidated level improved to 36% against 26% in previous year.

Meanwhile, the company has informed BSE that the board of directors of the company approved the issue and allotment of equity shares, not exceeding R1,000 crore, with a green shoe option to retain up to R500 crore from the excess subscriptions received. The board said that this is subject to approval of the shareholders.