GVK Power & Infrastructure Limited posted a wider net loss of R408 crore on a consolidated basis for the quarter ended March 31, 2016 due to higher expenses and increase in interest costs. The company had posted a net loss of R109 crore during the same period last year.
However, the consolidated income from operations was up by nearly 28% y-o-y to R1,081 crore, primarily on the back of increase in revenues from Mumbai and Bengaluru airports, company said in a statement.
The Ebitda at a consolidated level recorded an increase of 51.65% for the quarter and stood at R531.94 crore, while the Ebitda margins improved to 49.20% against 41.45% in the corresponding quarter last year.
However, the company’s profitability came under pressure by higher expenses and interest costs. Total expenses increased by 53% y-o-y to R969.37 crore, while the interest costs were up by a sharp 88% y-o-y to R678.70 crore.
For the full year ended March 31, 2016, GVK’s consolidated net loss widened to R934.18 crore against R834.68 crore during the same period last year.
“The losses during the year are attributable mainly to the restricted supply of gas for power plants as a result of which the plants did not operate at full capacity, one-time loss on write-off of investment in oil & gas, road and other projects amounting to R162 crore and higher finance cost,” said a statement from the company. Total expenses for the year were up by nearly 17% y-o-y to R3521.50 crore, while the interest costs increased by 54% y-o-y to R2,149.36 crore.
The consolidated total income from operations during the year increased by 37% y-o-y to R4,164.47 crore. Ebitda at a consolidated level for the year stood at R1,815.52 crore as against R1,143.48 crore in the previous year. Ebitda margin at consolidated level improved to 44% as compared to 37% in the previous year.