GVK Power & Infrastructure said it has narrowed consolidated losses by more than half in the June quarter with growth in its airports business offsetting the impact of a natural gas supply shortage. It posted a consolidated net loss of R30.59 crore. Net sales declined 14.5% to R699.52 crore from R818.55 crore in the year-ago period, largely because of the weak performance of energy division.
Separately, the group is looking to sell part of its stake in the airports business and is hopeful of closing a deal this fiscal, a top official said. A few companies have evinced interest in a stake purchase and a due diligence on one of the two Indian airports has already been completed, Issac George, director of finance of the GVK Group, told FE.