GMR Infra posts loss of Rs 834 cr in Q1, income dips to Rs 1,224 cr

GMR Infrastructure Limited's consolidated net loss for the quarter ended June 30 more than doubled to nearly 834 crore against Rs 336 crore loss in the January-March period in FY20, a filing from the company with the bourses said on Thursday.

The consolidated total income for the quarter under discussion was almost halved to Rs 1,224 crore. It was Rs 2.206 crore in Q1FY29, it said.

Revenues from the Airports segment stood at Rs 494 crore in the first quarter against Rs 1460 crore in the April-June quarter of FY20, while Power vertical garnered Rs 300.59 crore against Rs 116 crore in Q1FY20.

"With the recent and rapid development of the Covid-19 outbreak, many countries have implemented travel restrictions.

 

The Group has majority of its subsidiaries, JVs and associates operate in Airport sector, Energy Sector, Highway sectors and Urban Infra sector and with respect to Covid-19 impact on the business of these entities, management believes while the Covid-19 may impact the businesses in the short term, it does not anticipate medium to long term risk to the business prospects," it said.

The Group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth, delay in debt and interest servicing, and lower credit ratings for some of its borrowings,GMR said.

The management is taking various initiatives including monetization of assets, sale of a stake in certain 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, the infra major said.