GMR Infrastructure Q1 net loss shrinks to Rs 429 cr

Net sales up by 8.5% to Rs 2,928 cr during the quarter

GMR Infrastructure on Friday said consolidated net loss in the June quarter narrowed to Rs 429.45 crore, on the back of cost optimisation measures at  power plants and robust growth in passenger traffic at airports.

The group had clocked a net loss of Rs 593.2 crore in the year-ago period. Consolidated net sales rose 8.5 per cent to Rs 2,928.22 crore in Q1, from Rs 2,699.38 crore a year ago.

“On account of deleveraging and refinancing efforts of the group, interest in absolute terms has reduced by Rs 62 crore over the last quarter, crore in Q1 2014-15." the firm said.

It added a Rs 1,402 crore rights issue was concluded in Q1, of which Rs 1,100 crore was used for debt repayment.