GVK Power and Infrastructure Ltd has a posted a huge loss of Rs 235.46 crore for the fourth quarter ended March 31, 2014 against a loss of Rs 171 crore in the corresponding quarter last year.
The loss was mainly due to low plant load factor at its gas-based power stations that were hit by inadequate fuel supply, and high interest rates.
The company's sales income for the fourth quarter was however up at Rs 694.41 crore against Rs 500.07 crore for the corresponding quarter last year.
For the financial year ended March 31, 2014, the company posted a loss of Rs 368.67 crore and net sales of Rs 2,820.93 crore against a loss of Rs 335.97 crore and sales of Rs 2,607.65 crore for the pervious financial year.
The performance of the airports vertical was particularly good which boosted the revenues. The airports segment posted revenues of Rs 536.65 crore for the fourth quarter versus Rs 473.46 crore for the same period last year. For the full year, airports contributed Rs 2,182 crore (Rs 1,462.12 crore) and power sector closed with revenues of Rs 368.98 for the year, versus Rs 895.45 crore for the previous year.
In talks to reschedule loans
The company stated that there has been uncertainty regarding supply of gas for power generating plants and power projects under construction of the group. The subsidiaries engaged in power business have made losses of Rs 289 crore.
The management expressed confidence of receiving approval from banks for reschedulement of loans, obtaining requisite gas allocation and also recover fixed charges.
GVK shares were trading at 16.90, down 4 per cent at BSE today.