GMR Infra soars on 42% drop in net loss

It posted a 42% drop in net loss of Rs 399 crore as against a net loss of Rs 610 in the year-ago period

Shares of GMR Infrastructure have surged nearly 9% to Rs 13 on the BSE after the company posted a sharp decline of 42% in the consolidated net loss for the September quarter quoting at Rs 399 crore on the back of better operating margins from power plants and robust traffic growth in airports.

The company had reported a net loss of Rs 610 crore in the same period last year, according to the filing in the BSE.

Meanwhile, the consolidated sales of the company rose to Rs 3,071 crore as against Rs 2,636 crore in the corresponding period previous year.

GMR Group is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure. The group has fifteen power generation projects of which ten are operational and five are under development; nine operating road assets and a double rail track line between Mughalsarai-New Bhaupur (Kanpur) of Eastern Dedicated Freight Corridor under development.

According to BSE, the board of directors at its meeting on November 13, 2015, have taken on record that Raxa Security Services has become a subsidiary of GMR Infrastructure in accordance with the provisions of the Companies Act, 2013.

The stok opened at Rs 12 and touched a high of Rs 13 on the BSE.