GVKPIL Q3 cons net loss at Rs 45 crore

GVK Power and Infra attributes loss to stoppage of gas supply for two of its power plants and reduced supply to one plant

Hyderabad-based GVK Power and Infrastructure Limited (GVKPIL) posted a consolidated net loss of Rs 45.43 crore  for the quarter ended December 2013, as compared with a net loss of Rs 57 crore in the corresponding quarter last fiscal. The net loss prior to minority interest and share of profit from associates stood at Rs 52.16 crore as compared with Rs 40.15 crore in the year ago period.

 

The loss was attributed to stoppage of gas supply for two of its power plants and reduced supply to one plant resulting in lower capacity utilisation, according to the company. Interest cost on the borrowing for the acquisition of stake in Mumbai and Bangalore airports also impacted the financials. Interest costs rose 7% to Rs 198.9 crore for the period.

 

Total income for the period under review grew 13% at Rs 769.38 crore as compared with Rs 680.56 crore in the corresponding previous quarter.   

 

In the energy segment, its three gas-based projects recorded a revenue of Rs 97.66 crore as compared with Rs 237.08 crore in the corresponding quarter previous year.  

 

In the airports sector, Mumbai International Airport Private Ltd saw a growth of 57.57% in total income at Rs 547.39 crore (Rs 347.39 crore in the corresponding previous year). Net profit more than doubled at Rs 91.51 crore (Rs 41.74 crore). Bangalore International Airport Ltd recorded a 6% rise in revenues at Rs 162.10 crore (Rs 153.07 crore). Net profit too grew 117% at Rs 46.59 crore (Rs 21.50 crore).

 

In the transportation vertical, GVK Jaipur Expressway Private Ltd's revenues rose 8% at Rs. 69.22 crore (Rs 64.21 crore) while net profit almost doubled at Rs 15.72 crore (Rs 7.94 crore).