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GVK Power & Infrastructure Ltd posted a loss of Rs 57 crore for the third quarter ended December 31 against Rs 14.50 crore loss for the corresponding period last year. The company had to contend with lower revenues of Rs 648.68 crore for the third quarter against Rs 744.55 crore for the corresponding period last year. The performance during the third quarter was impacted due to high interest rates cutting into its margins and big decline in revenue from the power sector, whose performance was impacted due to low fuel supply. The revenues from the airports increased to Rs 347.38 crore up from Rs 270.89 crore it logged for the same period last year. The power sector had a steep fall in revenue for the quarter to Rs 237.09 crore down from Rs 411.35 crore for the corresponding quarter last year.
The road division contributed about Rs 64.21 crore against Rs 58.78 crore.
In a statement to the stock exchanges, G.V.K. Reddy, Chairman, GVK, said the company had decided not to press for an application it made to operate non-banking financial company business. The company shares closed at Rs 11.90, down 3.49 per cent on the BSE.
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