GMR Infra cuts net loss by 64%

GMR Infrastructure Limited on Wednesday reported a net loss of Rs 366 crore for the quarter ended March 31, a decline of 64 per cent compared with a loss of Rs 1,007 crore in the year-ago period.

The loss was primarily due to poor performances by the energy and airports segments. The company’s power business also struggled during the quarter. Non-recognition of Rs 100 crore of revenue from the National Aviation Company of India also added to the loss.

The company’s operating profit fell 39 per cent to Rs 269 crore, against Rs 441 crore in the year-ago period.

However, the company expects to improve its performance in the current financial year. “We wish to consolidate on our current projects and improve cash flows,” said Group Chief Financial Officer A Subbarao.