GMR Infrastructure, a diversified infrastructure developer, posted a wider net loss for the quarter ended March 31, 2016, due to higher interest cost. The consolidated net loss stood at Rs 954 crore for the three months of January-March 2016, against a consolidated net loss of Rs 892 crore last year.
The net revenues increased by 30% y-o-y to Rs 3,086 crore, however, a sharp 19% increase in interest cost impacted the profitability of the company. The interest cost during the quarter was Rs 1,149 crore, on account of two power plants getting operational.
However, for the full year ended March 31, 2016, GMR’s consolidated net loss narrowed to Rs 2,161 crore, which the company attributed to resolution of regulatory bottlenecks in power sector that gave better operating margins from power plants, and traffic growth in its airports business. The net revenues increased 21% y-o-y to Rs 10,945 crore in FY16.
Interest during the year increased by Rs 485 to Rs 4,058 crore primarily on account of interest charge of Rs 236 crore on Chhattisgarh plant getting operational and Rs 177 crore on Rajahmundry power plant becoming operational.
The company’s Ebitda margins both for the fourth quarter as well as for the full year ended March 31, 2016 has improved. During the quarter, the Ebitda margins stood at 36% against 29% last year, while for the full year, the margins were at 39% against 28% last year.
Ebitda in energy sector increased more than four times y-o-y to Rs 1,161 crore in FY16. While Ebitda in the airport sector has increased by 40% y-o-y to Rs 2,387 crore in FY16.