GVK Power shrugs off weak Q4 results

The company announced Q4 results during trading hours today, 15 May 2013.

Meanwhile, the S&P BSE Sensex was up 478.60 points or 2.43% at 20,200.89.

On BSE, 21.43 lakh shares were traded in the counter as against average daily volume of 12.28 lakh shares in the past one quarter.

The stock witnessed post result volatility. The stock hit a high of Rs 10.03 and a low of Rs 9.17 so far during the day. The stock had hit a 52-week high of Rs 16.40 on 5 July 2012. The stock had hit a record low of Rs 8.70 on 28 March 2013.

The stock had underperformed the market over the past one month till 14 May 2013, rising 1.42% compared with the Sensex's 8.11% rally. The scrip had also underperformed the market in past one quarter, sliding 22.02% as against Sensex's 1.15% rise.

The company has equity capital of Rs 157.92 crore. Face value per share is Re 1.

GVK Power & Infrastructure's consolidated net sales declined 23.95% to Rs 500.07 crore in Q4 March 2013 over Q4 March 2012. GVK Power & Infrastructure said that revenue in Q4 March 2013 is after netting off revenue recognized in earlier periods aggregating to Rs 165.84 crore.

Other expenses surged 106.69% to Rs 176.19 crore in Q4 March 2013 over Q4 March 2012.

On consolidated basis, GVK Power & Infrastructure reported net loss of Rs 335.97 crore in the year ended 31 March 2013 (FY 2013), as against net profit of Rs 61.46 crore in the year ended 31 March 2012 (FY 2012). Net sales rose 4.64% at Rs 2607.65 crore in FY 2013 over FY 2012.

GVK Power & Infrastructure said that there has been uncertainty regarding supplies/availability of natural gas to power generating plants and power projects under construction of the group. The company said that the management is confident of obtaining the requisite gas allocation/recover fixed charges and accordingly believes that investments in subsidiary amounting to Rs 1083.23 crore/fixed assets with carrying value of Rs 2361.50 crore are recoverable in normal course of business. Further, the management is confident of receiving approval of the lenders for re-schedulement of project loans aggregating Rs 1433.30 crore, the company said.

GVK Power & Infrastructure has business interests in airports, roads, power and resources.

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