GVK Power Q3 net loss widens to Rs 279 crore

GVK Power & Infrastructure Ltd today reported widening of its consolidated net loss to Rs 279.06 crore for the quarter ended December 31, 2015.
The company's net loss in the corresponding quarter of the previous fiscal was Rs 209.12 crore, it said in a BSE filing.
However, net sales during the quarter increased to Rs 1,015.96 crore, from Rs 791.92 crore in the year-ago period.
Total expenses during the quarter increased to Rs 908.85 crore that includes loss of disposal/write-off of assets worth Rs 70.51 crore.
The company has made investments aggregating to Rs 358.27 crore as of March 2015 by way of advances, subscription of shares and share application money and commitments aggregating to Rs 7,169.84 crore as of March 31, 2015 to lenders of GVK Coal Singapore pte Ltd, an entity in which GVK owns 10 per cent, the statement said.

GVK Coal has borrowed Rs 7,169.84 crore against these guarantees and commitments.

Consolidated revenue from the power sector was at Rs 194.25 crore, over Rs 80.15 crore in the corresponding quarter of previous fiscal.
The company further said there has been uncertainty regarding supplies/availability of gas to power generating plants and power projects under the construction of the group.
"During the current quarter, due to reduced availability of water, our hydro plant in a subsidiary operated at less than optimum capacity thereby reducing revenue," it said.
The group, it said, is currently under discussion with regulators to finalise provisional tariff post which the subsidiary will earn fixed revenues based on availability of the plant.