GVK Power

GVK Power and Infrastructure Ltd (GPIL) on Wednesday posted a consolidated net loss of Rs 77.39 crore during the third quarter ended December 2023, mainly due to lower income. It had clocked a net profit of Rs 3,402.47 crore in the October-December 2022 period, the company said in an exchange filing. The company's total income more than halved to Rs 154.82 crore over Rs 342.79 crore a year ago. Its expenses stood at Rs 225.97 crore against Rs 355.59 crore a year ago. GVK is an Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

GVK Power and Infrastructure Limited (GPIL) on Friday posted a multifold fall in its consolidated net profit to Rs 153.87 crore during the September 2022 quarter due to higher expenses. Its profit was Rs 2,395.01 crore in the July-September period of the preceding 2021-22 fiscal, the company said in a BSE filing. The company's total income increased to Rs 1,012.05 crore from Rs 93.71 crore in the year-ago period. Expenses soared to Rs 840.10 crore against Rs 182.24 crore a year ago. GVK is a leading Indian conglomerate with diversified interests across various sectors, including energy, airports, transportation, hospitality and life sciences.

A downgrade by rating firm, ICRA, in June had made lenders nervous after ICRA said TAJGVK's coverage metrics were also likely to weaken substantially in FY21

The GVK Group had earlier said it was determined to acquire the 13.5 per cent in Mumbai International Airport Limited owned by South African firm Bid Services Division Mauritius or Bidvest

Firm sells off its remaining 10% stake for Rs 1,290 cr, will focus on Mumbai, Navi Mumbai airports

GVK Power and Infrastructure's shares jumped 16 per cent on Friday to Rs 8.61 on the BSE exchange. The rise has been 65 per cent over a month, after the company announced residual stake sale in Bangalore International Airport Ltd (BIAL) for Rs 1,290 crore on June 2.Though a highly indebted companies, GVK did not figure in the list of 12 major bad loan accounts that were listed by the Reserve Bank earlier this month for initiating of insolvency proceedings. This is expected to keep investor hope alive on the company's possible turnaround, which also hinges on its being able to undertake the Navi Mumbai airport project despite its current debt woes. The energy-to-airports conglomerate has exited the profitable BIAL by selling its entire stake -- 33 per cent last year and the remaining 10 per cent earlier this month -- to the Prem Watsa-led Fairfax India Holdings, only to reduce debt and to focus on the Navi Mumbai project. GVK already runs the existing airport in Mumbai.The energy ...

The company had posted a net loss of Rs 8.09 crore in the corresponding period a year ago