GMR Infrastructure Q1 net loss widens to Rs 2.35 bn; income at Rs 16.5 bn

GMR Infrastructure Ltd on Wednesday reported widening of net loss at Rs 2.35 billion in the first quarter ended June 30, 2018.

The company had posted a net loss of Rs 1.36 billion in the same quarter last fiscal, GMR Infrastructure said in a BSE filing.

The company also said its board in a meeting held on Tuesday has approved raising a total fund of up to Rs 29.5 billion through issue of shares or equity linked instrument and optionally convertible debentures.

Income from operations during the first quarter this fiscal stood at Rs 16.48 billion. It was the Rs 25.72 billion in the year-ago period.

Revenue from airports business was at Rs 12.46 billion as against Rs 18.92 billion in the same period last fiscal, it said.

Power segment posted a revenue of Rs 729.2 million as compared to Rs 3.74 billion in the first quarter last year, while the EPC vertical clocked Rs 2.29 billion as against Rs 2.23 billion in the year-ago quarter, it added.

Roads business had a revenue of Rs 1.44 billion during the first quarter as against Rs 1.42 billion in the same period a year ago, the company said.

On the fund raising, the company said its board has approved raising up to Rs 25 billion in one or more tranches through issue of equity shares or equity linked instruments, debentures or any other securities.

Besides, the board also gave nod to raise up to Rs 4.5 billion in one or more tranches through issue of optionally convertible debentures (OCDs). These will be subject to shareholders' approval, it added.