GMR Infrastructure on Wednesday posted a consolidated net loss?of R326.03 crore for the June quarter,?which the infrastructure major attributed to the?recent commissioning of two coal-based power plants and a non-recurring forex loss in project imports. The company had reported a net loss??of R94.30 crore for the same period last year.
The group?s older power plants continued to bleed because of the unavailability?of gas from KG Basin even as the airports sector turned profitable despite losing the Male airport concession. Losses from the energy business widened to R368 crore from R27 crore last year.?
GMR?s total income from operations went up marginally to R2,635.01 crore for the quarter against R2,601.45 crore for the corresponding quarter last year. The infra firm attributed the low growth to non operation of the Male airport and lower turnover from its?engineering, procurement and construction (EPC) business.
GMR Group chairman GM Rao said, ?The regulatory scenario at both our airports at Delhi and Hyderabad is now stable and are contributing positively to the cash flows, with international traffic picking up.?While the gas based plants are still affected by lack of gas supply, the coal uncertainty has to some extent got mitigated through the cabinet committee on economic affairs directive and the coal based plants are being stabilised.?
The infra company said that its focus is on enhancing liquidity by generating cash flows and getting back ?receivables. The group has received substantial portions of receivables cleared by Tamil Nadu Electricity Board (TNEB) and National Aviation Company of India (NACIL), which is the holding company of state owned Air India. It has also filed the tariff application for Hyderabad airport.
The airports segment has increased its revenue on account of Delhi airport with the sector recording R1,395 crore for the quarter against R1,323 crore for the corresponding period of last year even after the loss of revenue from the Male airport. The sector has also recorded profit after tax before minority of R68 crore against a R90 crore loss it posted for the June quarter of previous fiscal with the Ebitda margin increasing to 52% from 34%.
The highways segment, meanwhile, reported widening of loss to R12 crore for the June quarter from R5 crore it reported for the same period of last year with the Ebitda margin also going down to 77% from 82%. The revenue for the first quarter saw a sharp growth to R165 crore against R105 crore for the same period of last fiscal.