GMR Infra net dips 36%; Binani Cements down 84%

Written by feBureau | Mumbai, Kolkata, Pune | Updated: Feb 1 2009, 04:20am hrs
Infrastructurereport
GMR Infrastructure's consolidated net profit for the third quarter ended December 31, 2008 was at Rs 40.84 crore, compared to Rs 64.07 crore for the same quarter in 2007-08, a fall of 36.25%. Net sales of the company rose to Rs 959.15 crore from Rs 534.99 crore, an increase of 79.28%.

The company posted a foreign exchange loss (net) of Rs 25.24 crore for the quarter under review.

For the nine months ended December 2008, the company reported a consolidated net profit of Rs 129.32 crore against Rs 160 crore, a fall of 19.18%, while net sales surged at Rs 2,691.43 crore from Rs 1,394.07 crore, a rise of 93.06%.

On a standalone basis, the company reported a 42.02% increase in net profit at Rs 22.27 crore for the third quarter this fiscal, against Rs 15.68 crore in the same period a year ago.

Total standalone income of the company rose to Rs 37.45 crore for the quarter under review, against Rs 17.96 crore in the corresponding period last year.

GMR Infrastructure said its arm Vemagiri Power Generation, which resumed operations from December 7 last year, reported a notional forex loss of Rs 4.77 crore. Besides, GMR Hyderabad International Airport's notional forex loss stood at Rs 25.01 crore in Q3.

The notional foreign exchange losses of these two subsidiaries have been accounted on the conversion of their project loans denominated in foreign currency into Indian rupees, using closing rates as on the reporting date.

However, the company made it clear that these subsidiaries have adequate foreign currency revenues to provide hedges against any currency fluctuation risks that may arise as and when the interest payments and principal repayments of the loans are made.

Hence, forex risks associated with the loans will not have any bearing on the profitability of these subsidiaries.

In another disclosure, the company said that its non-independent director, K Balasubramanian, has resigned citing personal reasons.

Simplex Infra net rises

Simplex Infrastructures Ltd's net profit during the quarter ended December 31, 2008, was at Rs 25 crore, compared to Rs 22 crore recorded during the year-ago period.

The company reported an 80% increase in turnover at Rs 1,269 crore for the quarter ended December 31, 2008, as compared to Rs 707 crore registered during the previous corresponding period.

IVRCL Infra net at Rs 47 cr

IVRCL Infrastructures & Projects said its standalone net profit for the third quarter ended December 31, 2008, declined to Rs 46.52 crore.

The company had a net profit of Rs 64.05 crore for the same quarter in FY 2008, IVRCL Infra said in a filing to the Bombay Stock Exchange.

Total income of the company rose to Rs 1,190.96 crore for the quarter under review, against Rs 975.6 crore in the same period last year.

Binani Cement profit falls

Binani Cement Ltd, on Friday, announced that the company reported a fall of 84.26% in its net profit at Rs 8.48 crore for the third quarter ended December 31, 2008, against Rs 53.95 crore in the corresponding quarter last year. The company's net sales during the quarter stood at Rs 360.03 crore, up 54.31% against Rs 233.31 crore in the year-ago period.

Vinod Juneja, MD of Binani Cement Ltd, said, "Profitability has been affected mainly due to a substantial increase in the cost of imported coal, which could not be passed on to the customers."