GMR Infrastructure today said its consolidated net loss in June quarter narrowed to Rs 429.45 crore on the back of cost optimisation measures at its power plants and robust growth in passenger traffic at airports.
The Hyderabad-based group had clocked a net loss of Rs 593.2 crore in the year-ago period.
Consolidated net sales rose by 8.5 per cent to Rs 2,928.22 crore in the April-June quarter of this fiscal from Rs 2,699.38 crore in the same quarter of 2014-15.
On net loss, the firm said: “Better operating margins from power plants and robust traffic growth in airports have contributed to reduction in losses to Rs 410 crore (profit after tax but before minority interest) in Q1 2015-16 compared to loss of Rs 652 crore in Q1 2014-15.”
On account of deleveraging and refinancing efforts of the group, interest in absolute terms has reduced by Rs 62 crore over the last quarter, it added.
GMR Infrastructure said the Rs 1,402 crore Rights Issue was concluded in the June quarter, of which around Rs 1,100 crore was used towards repayment of corporate debt.
The company’s shareholders have approved a proposal to raise up to Rs 2,500 crore through securities. The proposal was approved as an enabling resolution by the shareholders at the annual general meeting held in September 2014.
“The Board approved rollover of the resolution passed at the AGM held on September 18, 2014 for raising funds through issue of equity shares/equity linked instruments, debentures or any other securities up to an amount of Rs 2,500 crore, as an enabling resolution,” the company said in a BSE filing.
The 370 MW gas-based Vemagiri Power Plant (GVPGL) has commenced operation and is expected to further improve the performance in the coming quarter, it said.
In power sector, the company’s thermal plants have started stabilising its operations and have recorded healthy PLF’s (plant load factor), while the airports sector have shown consistent growth with robust traffic increase over last and corresponding quarter, it added.
“Delhi Airport and Hyderabad Airport recorded traffic of 11.5 million (an increase of 13 per cent Y-o-Y) and 2.95 million (an increase of 23 per cent Y-o-Y), respectively,” GMR Infrastructure said.
During the period, Delhi Airport recorded highest passenger traffic ever of 3.95 million in a month whereas the Hyderabad Airport crossed the 1 million passenger mark, it added.
The company said ground breaking ceremony of Mactan Cebu International Airport (Philippines) was held on June 29, 2015 and the GMR Megawide consortium has taken over possession of land for construction of the terminal building.
GMR Airports also signed a memorandum of understanding with Oman Airport Company for provision of ORAT (Operational Readiness and Transfer), maintenance and operations support.
The firm has got an in-principle approval for Kamalanga Power Plant under 5/25 scheme of the Reserve Bank.