GVK Power & Infra posts Rs 31 cr loss for Apr-Jun

GVK Power and Infrastructure today posted consolidated net loss of Rs 31 crore for the quarter ended June 30, 2013, against that of Rs 64 crore during the same quarter last year.

Net income from operations also dropped to Rs 600 crore in the quarter, from Rs 819 crore in first quarter of last fiscal, GVK said in a statement.

The revenue from the power segment was at Rs 86 crore during the quarter under discussion against Rs 433 crore in the same quarter previous year.

Airports segment saw substantial growth by whooping 68% to Rs 548 crore against Rs 327 during Q1 of FY13.

There has been uncertainty regarding supplies and availability of gas to power generating plants and power projects under construction of the group,according to GVK's statement.

"Management is confident of obtaining the requisite gas allocations and recover fixed charges and accordingly believes that investment in subsidiary amounting Rs 108323 lakh (Rs 1083.23 crore)  and fixed assets carrying value of Rs 233990 lakh (Rs 2339.90 crore) are recoverable in normal course of business," GVK said in the statement.

Further the management is confident of receiving approvals of the lenders for re-schedulement of projects loans aggregating Rs 1298.76 crore, it said.

GVK shares were trading higher by nearly 11% at Rs 7.14 on BSE.