GMR Infrastructure Q2 consolidated net loss at Rs 169.21 crore

The firm on Friday reported narrowing of consolidated loss

GMR Infrastructure Ltd on Friday reported narrowing of consolidated loss to Rs 169.21 crore for the quarter ended September 30.

The company had posted a consolidated loss after tax of Rs 750.03 crore in the corresponding period last year, GMR Infrastructure said in a filing to the BSE.

Its consolidated total income during July-September 2021 increased to Rs 2,135.49 crore, compared with Rs 1,448.08 crore in the year-ago period, the filing said.

GMR Infrastructure carries on its business through various subsidiaries, joint ventures, jointly controlled operations and associates, being special purpose vehicles exclusively formed to build and operate various infrastructure projects.

The operations of the Group, its joint ventures and associates were impacted by the second wave of the COVID-19 pandemic, the company said in a statement.

The management believes that such impacts are short term in nature and doesn't anticipate any long-term impact on business prospects considering the recovery was seen in past as well as during the current quarter, it added.

"The group, based on its assessment of the business/economic conditions and liquidity position for the next one year, expects to recover the carrying value of assets, and accordingly, no material adjustments are considered necessary in the consolidated financial results," it said.

The statement added that the impact of the COVID-19 pandemic might be different from that estimated as at the date of approval of these consolidated financial results, and the Group will closely monitor any material changes to future economic conditions.

The group's business segments comprise airports, power and roads, among others.