GMR Infra suffers Rs 561 crore loss in Q3

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New Delhi | Published: February 16, 2019 5:14:27 AM

The power vertical of the group continues to suffer with losses at `184.48 crore, offsetting the Rs 364.74-crore profit for the airports segment.

gmr, gmr infrastructureGMR Infrastructure

GMR Infrastructure has said it suffered Rs 561.04-crore loss for the quarter ended December 31, 2018, against a Rs 578.40-crore loss a year ago.
According to a regulatory notice filed on Thursday night, the infra major said the total income during the quarter under discussion stood at Rs 2,119.87 crore, down from Rs 2,276 crore in Q3FY18.
The power vertical of the group continues to be reeling under losses with `184.48 crore during the third quarter, offsetting the Rs 364.74-crore profit for the airports segment.

“The group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth and lower credit ratings for some of its borrowings,” GMR said.

The management is taking various initiatives, including monetisation of assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt servicing in the next 12 months and to create sustainable cash flows.

The airports business generated Rs 1,358.38 crore revenues during the third quarter while power segment revenues stood at Rs 145.74 crore, down from Rs 430.54 crore in Q3FY18.

Panel formed to ‘spin off’ airport business GMR Infrastructure has said it has constituted a sub-committee of its board for a possible spin-off of the airport business as it sees a $100-billion investment opportunity in India. According to a regulatory filing, the company has already received multiple proposals from the investors for the airport business, which are currently being evaluated and shall be placed at the meeting of the newly constituted sub-committee.

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