GMR Infrastructure on Friday reported its net standalone loss widened by 114% year-on-year to Rs 3,684 crore in FY17. On a standalone basis, total revenue in FY17 slipped by 5.8% y-o-y to Rs 1,182.42 crore while expenses increased by 28.2% y-oy to Rs 1,212.3 crore. However, on a consolidated basis, net loss in FY17 narrowed by 78.8% to Rs 575 crore.
The company had also set aside Rs 3,654.2 crore to make provisions for the decrease in value of its investments in loss making energy, highways and aviation businesses.
For the quarter ended March, its standalone loss swelled by 39.8% to Rs 2,487.78 crore as revenue fell by 31% y-o-y to Rs 272.5 crore and expenses increased by 34.8% to Rs 393.6 crore.
Consolidated earnings before interest, tax, depreciation and amortisation (ebitda) in the financial year has improved by 12.3% to Rs 3,497 crore.
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Ebitda margin has improved by four percentage points to 42%. Net debt to ebitda, or the leverage ratio, for FY 17 came down to 4.3 from 10.2 in FY16, the company noted.
GMR has cut down its gross debt by 47% to Rs 19,856 crore. “GMR is out of the over-leveraged club,” Madhu Terdal, the company’s group chief financial officer said.
GMR Airports contributed almost 49-50% of the total revenues of the GMR group in FY17 and the company expects that the contribution from the airport business to increase further at the end of the current financial year. In FY 17, GMR group reported revenues worth Rs 2,989 crore from Delhi airport, Rs 1,057 crore from Hyderabad and Rs 264 crore from the Male international airport.