The Hindu Business Line : GVK Power profit, revenue show good growth

GVK Power & Infrastructure Ltd (GVK PIL), with investments of over Rs 5,000 crore in various projects, has announced robust consolidated second quarter results with a good jump both in net profit and income.

While net grew by 364 per cent at Rs 39.51 crore (Rs 8.52 crore), total income of the company stood at Rs 104.86 crore (Rs 71.89 crore), a growth of 46 per cent over the corresponding quarter last fiscal.

A significant feature of the quarter under review was the completion of the scheme of amalgamation of Bowstring Projects & Investments Pvt Ltd, Green Garden Horticulture Pvt Ltd with GVK PIL.

With the companies filing necessary documents with the Registrar of Companies of Delhi and Haryana on October 11, the scheme of amalgamation has become effective from that date. The appointed date as approved in the scheme is April 1, 2006, a company press release said.

As per the scheme of amalgamation, the company has issued 6.65 crore equity shares of Rs 10 each to the shareholders of Bowstring Projects & Investments and 38.25 lakh shares of Rs 10 each to shareholders of Green Garden Horticulture as per the share exchange ratio of 133:4 and 153:4, respectively.

The company board also approved the audited financial results for the year ended March 31, 2007. These results have been restated and consolidated after giving effect to the scheme of amalgamation effective from April 1, 2006.

Consequently, GVK PIL, which has an order book of Rs 12,000 crore, registered a total income of Rs 409.12 crore for the year ended March 31, 2007, and a net profit of Rs 58.03 crore, the release added.