to raise capital in the given business environment, Rao said.
"To fund the equity we had to borrow loans in lieu of the equity which also has put additional burden on our balance sheet," he said.
The net consolidated loss of the group, which builds airports, power projects and major roads in the country and abroad, had mounted to Rs 179 crore for the second quarter ended September 30.
Rao said the company believed that gas would be available shortly to the government initiative of price-pulling mechanism. "Once that is available I think the situation will improve," he said.
Responding to a query, GMR CFO (Airports) Siddharth Kapur said the company's outstanding from Kingfisher is almost Rs 64 crore.
"Out of Rs 64 crore only about Rs 20 crore is due on revenue account. There are overdues that needs to be settled. Of course now we have to figure out a way to get this money out of Kingfisher," he said.
Kapur added airport sector however is performing well, except Sabiha Airport in Istanbul, Turkey. "The three remaining airports run by the company (Delhi, Hyderabad and Istanbul main airport) and road projects are doing well," he said.
The company said higher revenues from the operation of airports during the quarter aided by the revised tariff and UDF charges at Delhi International Airport resulted in significant improvement in the turnover.