GMR Infra Q4 loss lowers to Rs 725 crore; gross revenue at Rs 2,321 Cr

Diversified conglomerate GMR Infrastucture has posted a consolidated loss of Rs 725 crore for the January to March quarter as compared to a loss of Rs 1,127 crore in the year-ago period.

It posted gross revenue of Rs 2,321 crore in Q4 FY21 as against Rs 2,349 crore in Q4 FY20.

In the entire fiscal 2020-21, the company posted higher total loss of Rs 3,428 crore and lower revenue at Rs 6,229 crore as against a loss of Rs 2,198 crore and revenue of Rs 8,556 crore in 2019-20.

GMR Infra has interests in airports, energy, transportation and urban infrastructure. Its overall performance has been hit due to COVID-19 pandemic.

The company said it is taking various initiatives including monetisation of assets, sale of 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.

Since May 2020 when the restrictions were lifted on operations of domestic flights, airports business saw a significant traction in traffic.

February 2021 was the best month post first wave of Covid when the passenger traffic reached 60 per cent of pre-Covid levels at Delhi airport and 64 per cent at Hyderabad airport.

"We are now experiencing traffic turnaround from last week of May and continued recovery in June," the company said in a statement.

"We expect traffic to gain further momentum with the reducing trend in covid cases, lifting ofgovernment restrictions on airline capacity and the increased pace of vaccination."

In energy business, power demand and coal supply are improving as the lockdown is easing up, resulting in higher plant load factors.

While the Hyderabad Vijayawada expressway traffic increased by 16 per cent year-on-year to 11 million in Q4 FY21, per day average traffic volume decreased by 36 per cent month-on-month in May due to lockdown but increased by 9 per cent month-on-month in June as the lockdown eased.

Traffic at Ambala Chandigarh expressway has been suspended since October 12, 2020 due to farmer's agitation.