GMR Infra loss narrows to Rs 219 cr in Q2

: GMR Infrastructure Ltd Thursday said its consolidated loss for the quarter ended September 30 narrowed to Rs 219 crore against Rs 404 crore during the same quarter in FY 18.

According to a regulatory filing by the infra major, total income grew by two per cent to Rs 2,026 crore.

It was Rs 1,981 crore in the corresponding quarter, last fiscal.

Income from airports grew to Rs 1,316 crore in the second quarter against Rs 1,176 crore in Q2FY18.

Revenues from power segment was down to Rs 178 crore from Rs 307 crore.

GMR currently runs international airports in Delhi and Hyderabad in India and is in the process of constructing one in Goa.

The group along with Mewawide Constructions runs an international airport in the Philippines.

"The Group has incurred losses primarily on account of losses in the energy and highway sector... with a consequent erosion of its net worth and credit ratings for some of its borrowings have been downgraded in the recent period," GMR said.

"The management is taking various initiatives including monetisation of assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt servicing in the next twelve months and to create sustainable cash flows," it added.

Income from road projects was reported at Rs 135 crore in the quarter under discussion as against Rs 147 crore in the second quarter of FY18, GMR said.