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GMR Infra slips after posting Q4 net loss of Rs 1,127 cr

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Shares of the infra company declined 1.13% at Rs 21.95 after the firm reported consolidated net loss of Rs 1,126.82 crore in Q4 March 2020, lower than net loss of Rs 2,341.24 crore in Q4 March 2019.

Consolidated net sales rose 3.6% to Rs 1947.90 crore in Q4 March 2020 over Q4 March 2019. Pre-tax loss stood at Rs 1297.24 crore in Q4 March 2020 as against pre-tax loss of Rs 2345.95 crore in Q4 March 2019. EBITDA soared 104.68% to Rs 655 crore in Q4 FY20 as against Rs 320 crore in Q4 FY19. The Q4 earnings were announced post trading hours yesterday, 30 July 2020.

The Government of India imposed the countrywide lockdown with effect from 25 March 2020 which got extended till 30 June 2020. The lockdown had an impact on Group businesses like airports, energy and highways. However, the businesses are on a recovery path post the lockdown. On the Airports, restrictions on operation of domestic flights were lifted from 25 May 2020. The airports were closed from 25 March 2020 to 24 May 2020 except for cargo and evacuation/ rescue flights for passengers. Commercial international flights are suspended till 31 July 2020.

Energy business falls under essential services as notified by the Ministry of Power, Government of India and as a result the business has ensured continuity of power supply during the period of lockdown. Industrial demand which was low during the lockdown has started to pick up resulting in improvement in our power asset utilization.

GMR Infrastructure is a leading global infrastructure conglomerate with interests in airport, energy, transportation and urban infrastructure.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 31 2020. 12:27 IST