GVK Power and Infrastructure loss widens in Q4 | Deccan Chronicle
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GVK Power and Infrastructure loss widens in Q4

PTI | 15th May 2013

New Delhi: GVK Power and Infrastructure on Wednesday said its consolidated net loss widened many folds to Rs. 171.01 crore in the fourth quarter ended March 2013, largely due to increased expenses and losses incurred in the power business.

The flagship firm of Hyderabad-based GVK Group had reported a consolidated net loss of Rs. 20.88 crore during the corresponding quarter of 2011-12.

Net sales of the company also declined nearly 24 per cent to Rs. 500.07 crore during the quarter as GVK reported a loss of Rs. 39.85 crore in its power business, it said in a filing to the BSE. During the corresponding quarter of FY’12, it had reported net sales of Rs. 657.59 crore.

The losses incurred by the power segment of GVK negated the impact of nearly 46 per cent increase in its revenues from the airport segment at Rs. 473.46 and 12 per cent rise in roads segment at Rs. 65.71 crore.

Besides, the company’s annual fee to Airport Authority of India, for operating two airports at Mumbai and Bangalore, jumped 50 per cent (at Rs. 187.31 crore) during the quarter.

Due to this, GVK’s consolidated expenses at Rs. 614.10 crore, was more than its net sales at Rs. 500.07 crore.

For the year ended March 2013, GVK reported a consolidated net loss of Rs. 335.97 crore vis-a-vis Rs. 61.46 crore profit of 2011-12.

Besides, its net sales also increased marginally by 4.65 per cent at Rs. 2,607.65 crore as it was impacted by over 46 per cent decline in gross revenues from the power business at Rs. 895.45 crore.

The fall in income from the power segment also negated the impact of 2.45 times increase in revenues from the airport segment (at Rs. 1,462.12 crore). Besides, nearly 55 per cent rise in GVK’s interest outgo at Rs. 707.93 crore during the year also impacted its financial results.

As on March 31, its total borrowings stood at Rs. 17,085.20 crore, while it has cash and cash equivalents of Rs. 2080.16 crore.

Shares of the company were being traded at Rs. 9.48 apiece on the BSE, up 2.16 per cent from their previous close.

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