GMR Infrastructure back in black

Sale of 70% stake in Singapore subsidiary helps company come out of red during the fourth quarter

Aided by the sale of stake in its Singapore subsidiary, GMR Infrastructure Limited, the Bangalore-based infrastructure major, today reported a net profit of Rs 579 crore for the fourth quarter ended March 31, against a net loss of Rs 366 crore in the corresponding quarter last year.

The divestment of 70 per cent stake in GMR Energy Singapore Pte Limited to FPM Power Holding Limited for a consideration of Rs 1,231 crore helped the company return to profits during the quarter.

GMR's net sales went up 22.5 per cent to Rs 2,571 crore, against Rs 2,099 crore in the corresponding quarter last year. The operating profit for the period increased 10.6 times to Rs 489 crore, against Rs 46 crore in the year-ago period.

The company's finance costs increased 31 per cent to Rs 608 crore, against Rs 465 crore in the same quarter last year. The company has also taken a benefit of Rs 202 crore by way of asset write off in its subsidiary, GMR Male International Airport Private Limited.

Revenue from airports segment went up 49.8 per cent to Rs 1,731 crore, while revenue from power business declined 4.5 per cent to Rs 509 crore.

The roads business revenue went up 75 per cent to Rs 182 crore, against Rs 104 crore in same quarter last year. Revenue from EPC business also declined 24 per cent to Rs 250 crore during the quarter.

<B>To infuse Rs 1,700-cr equity into power projects in FY14</B><BR>
The company is set to infuse Rs 1,700-crore fresh capital in its projects such as GMR Kamalanga Energy, Emco, Chhattisgarh and transmission projects — during the current financial year.

The company has seen increased revenue in Hyderabad and Istanbul airports. It also witnessed increased revenue from commissioning of Hyderabad-Vijaywada and Hungund-Hospet toll road projects during the year coupled with traffic growth in existing toll road projects.

For the full year ended March 31, the company reported a net profit of Rs 88 crore, against a net loss of Rs 603 crore. Sales revenue for the year went up 18.8 per cent to Rs 9,872 crore, against Rs 8,320 crore in the previous year. Its operating profit for the year went up 98.4 per cent to Rs 1,437 crore.