GMR Infra Q2 net loss almost triples to Rs 179 cr

GMR Infrastructure, the infrastructure developer, has posted a close to three times increase in net loss at Rs 179 crore for the second quarter ended September 30, 2012, as compared to net loss of Rs 62.5 crore for the corresponding period of last fiscal. Income from operations moved up marginally at Rs 2,398 crore, up 18 per cent.

The company, which has been in the red for the past many quarters, has said that the loss during the current quarter is due to the fact that there was a onetime foreign exchange gain of Rs 51 crore during the corresponding previous quarter. The loss of such a gain was compounded by the increase in expenditure by 18 per cent, while the interest payout too shot up by 24 per cent at Rs 485 crore. The company is under a debt pile of Rs 33,000 crore, up by close to 18 per cent during the past six months with a gearing of close to three times.

The company’s flagship project – Delhi International Airport, continued to bleed and posted a net loss of Rs 41 crore, taking the accumulated losses to Rs 1625 crore, even as the company is yet to come to terms with the increased user development fee, thus eroding its networth. The company is facing an uncertain future at the airport it is managing at Male, while another project at Turkey is also losing resources.

GMR’s power segment too is under severe duress as, as much as 800 MW of its generating capacity in the East Coast is based on gas and the availability of which has been scarce. “While the company has deferred the expansion of one of its plants, it has been forced to revamp its debt for the other power project, leading to substantial idle assets, leading to sharp spike in capital employed,” the company said.