GMR Infrastructure Limited's consolidated net loss for the quarter ended march 31 narrowed to Rs 1,126.82 crore against Rs 2,341.24 crore loss in the January-Marchperiod in FY19, a filing from the company with the bourses said on Thursday.
The consolidated total income for the quarter under discussion was at Rs 2,554.21 crore. It was Rs 2293 crore in Q4FY19, it said.
For the full year FY20, GMR reported a total loss of Rs 2,198.49 crore against Rs 3,466.41 crore in FY19.
Revenues from the airports segment stood at Rs 1,582. 49 crore against Rs 1,389.58 crore in the fourth quarter of FY19, while the power vertical garnered Rs 310.28 crore against Rs 220.41 crore in Q4FY19.
For the full year, revenues from airports business recorded at Rs 6,190.87 crore. It was Rs 5,371.63 crore in FY19.
The Group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth, delay in debt and interest servicing and lower credit ratings for some of its borrowings, GMR said.
The management is taking various initiatives including monetisation of assets, sale of stake in certain 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, it said.
With the recent and rapid development of the Covid-19 outbreak, many countries have implemented travel restrictions.
The Group has majority of its subsidiaries, JVs and associates operating in the Airport sector, Energy Sector, Highway sectors and Urban Infra sector.
With respect to the impact of the COVID-19 on the business of these entities, GMR believes it may impact the businesses in the short term anddoes not anticipate medium to long term risk to the business prospects, the infra major said.