GMR Infrastructure has reduced its net loss by 27.6% to Rs 429 crore in the June quarter compared with a net loss of Rs 593 crore in the corresponding period last year. Better operating margins from power plants and robust traffic growth at airports contributed to reducing the losses.
Its gross revenue has shown a modest rise of 9% to Rs 2,966 crore during the June quarter from Rs 2,731 crore a year ago.
The infrastructure major with presence in airports, roads and energy, has reported 150% rise in operating profit at Rs 401 crore as against Rs 160 crore a year ago. During the quarter under review, GMR has shown a cash profit of Rs 60 crore. EBITDA margins have improved to 36% in Q1FY16 from 27% in the corresponding quarter last year. Owing to deleveraging and refinancing efforts of the group, interest in absolute terms has reduced by Rs 62 crore over the last quarter.
“During this quarter, we have improved operations at our energy and airport segments. The airport division has made a profit of Rs 180 crore after wiping out a loss of Rs 30 crore in March quarter. Similarly, the energy segment has reduced losses to Rs 540 crore from Rs 740 crore in the previous quarter. Overall, we have recovered Rs 460 crore losses this quarter,” Madhu Terdal, Group CFO, GMR Infrastructure said.
During the June quarter, the company concluded a Rights Issue of Rs 1,402 crore, of which around Rs 1,100 crore was used towards repayment of corporate debt. The total corporate debt stands at Rs 6,500 crore and the company plans to bring it down to the extent of Rs 1,500 crore to Rs 2,000 crore, he said.
Airports have been buoyed by traffic growth in Delhi and Hyderabad airport. Improved non aeronautical revenues to the extent of Rs 86 crore (duty free contribution of Rs 38 crore).
GMR Infra announced commencement of operations at its 370 MW gas-based Vemagiri Power Plant (GVPGL) and it is expected to improve the performance in the coming quarter. In power sector, thermal plants have started stabilising its operations and have recorded healthy plant load factors, the company said in a statement.
Airports have shown consistent growth with robust traffic increase over last and corresponding quarters. Gross revenue from its airports segment has gone up 18% to Rs 1,520 crore during the first quarter as against Rs 1,289 crore. Energy segment revenues have remained flat at Rs 1,149 crore as against Rs 1,153 crore a year ago.
GMR Infra stock closed 2.80% higher at Rs 13.21 per share on BSE.