GVKPIL cuts Q3 losses by 20 percent

GVK Power and Infrastructure Limited (GVKPIL) has cut its net loss for the third quarter ended Dec 31 by 20 percent over the corresponding quarter of the previous year.

The consolidated net loss for the quarter was Rs.45 crore against a net loss of Rs.57 crore in the corresponding quarter of the previous fiscal.

The firm registered a consolidated total income of Rs.735 crore as against Rs. 647 crore during the previous quarter.

The company attributed the loss mainly to stoppage of supply of gas for two power plants and reduced supply to one plant.

The interest cost on the borrowing for the acquisition of stake in Mumbai and Bangalore airports also has an impact on the consolidated profit, said a company release here.

Mumbai International Airport Private Limited (MIAL) recorded net profit of Rs.92 crore, an increase of 119 percent over the corresponding quarter. Its revenues were up from Rs.347 crore to Rs.547 crore.

The profit of Bangalore International Airport Limited (BIAL) also saw a jump of 117 percent from Rs.22 crore to Rs.47 crore. The revenues during the quarter were Rs. 162 crore as against 153 crore during the corresponding quarter of the previous year.

In transportation, GVK Jaipur Expressway Private Limited also earned profit of Rs.16 crore, an increase of 98 percent over the corresponding quarter.

The company suffered losses in the energy sector. The three gas-based projects (464 MW GVK Gautami Power Limited and 235 MW Phase I and 220 MW Phase II projects of GVK Industries Limited) recorded revenues of Rs.97.66 crore as against Rs.237.08 crore for the corresponding quarter of the previous year.

This reduction is mainly due to stoppage of gas supply from KG basin to two gas plants and reduced gas supply to one plant, added the statement.