GMR Infrastructure on Saturday reported a wider net consolidated loss at R610 crore for the quarter ended September, weighed down by finance costs, though revenue was higher by 10.87% compared to the year-ago period, reports fe Bureau in Bengaluru.
The company had posted loss of R393 crore in the same period last year, while its losses were R593 crore in the April-June 2014 stretch. GMR’s revenue during the quarter grew 10.87% to R2,682 crore from R2,419 crore last year, helped by traffic growth in the Delhi and Hyderabad airports and increased revenue from its new coal-based power plants, EMCO and Kamalanga, located in Maharashtra and Odisha, respectively.
Sequentially, revenue declined by 1.79% from R2,731 crore. GMR reported earnings before interest, taxes, depreciation and amortisation (Ebitda) of R590 crore compared to R576 crore in the year-ago period. The company’s finance costs were R845 crore for the September quarter compared with R684 crore in the year-ago period and R832 crore for the April-June quarter. The newly commissioned coal-based power plants are in the process of stabilising, said the company. For the past several quarters, GMR’s gas-based power plants have been hit by a gas supply shortage.
“The group continues to consolidate and stabilise the operations through focusing on consistent growth across the various business verticals,” the company said. GMR, which runs the Delhi and Hyderabad airports, took operational control of the Mactan Cebu International Airport in the Philippines this month as part of the 25-year concession it won in April.