GMR Infra Q3 net loss widens to Rs 108 cr‎

GMR Infrastructure Ltd's net sales rose a stronger-than-expected 47% in the December quarter even as losses mounted after it was ordered by a court to suspend collection of airport development fees at Delhi airport, which it operates.

The company, which was also hit by a higher interest bill, reported a consolidated net loss of Rs 108 crore for the three months to December 31, compared with a loss of Rs 22.25 crore a year earlier.

Delhi International Airport Ltd lost Rs 229 crore in the quarter after the Delhi High Court told the company to get regulatory approval to collect development fees.

Approval was granted on November 14 and the company resumed collection of the fees in December following a six-month halt.

The adverse impact of the interruption in fee collections "would soon be mitigated", the company said in a statement.

GMR Group leads the consortium that operates the airport. The other partners are the Airports Authority of India, Germany's Fraport and Malaysia Airports Holdings Bhd.

Net sales rose to Rs 1,999 crore in the quarter from Rs 1,359 crore a year earlier, beating the average analyst forecast of Rs 1,787 crore, according to Thomson Reuters I/B/E/S.

GMR Infrastructure shares were up 5.0% at 2:30 pm.. The overall market was down 0.2%.

Interest charges rose to Rs 424 crore from Rs 321 crore a year earlier.