GMR Q1 net loss widens to Rs 31 cr

Sugar manufacturer GMR Industries today reported a net loss of Rs 31.07 crore for the quarter ended June 30, 2010.

It had reported a net loss of Rs 8 crore for the quarter ended June 30, 2009, the company said in a filing to Bombay Stock Exchange (BSE).

GMR Holdings, the parent company of GMR Industries, had entered into a share-purchase agreement with EID Parry on April 25 to sell a majority stake in the sugar firm.

As per the agreement, GMR Group will divest a majority equity stake in such a way that EID Parry would hold 65 per cent in GMR Industries, post-open offer. GMR Group would become a minority shareholder in the company.

During the quarter under consideration, GMR Industries reported a 43.5 per cent growth in net sales to Rs 66.5 crore against Rs 46.2 crore in the same period of the previous fiscal, the filing said.

GMR Industries owns and operates three fully-integrated sugar complexes in Andhra Pradesh and Karnataka, with a combined capacity of 11,000 tonnes per day and 95 kilo litres per day of distillery.