T3 terminal capitalisation costdrags GMR Infra into loss in Q3

A 59 per cent increase in capacity costs, primarily on capitalisation of the T3 terminal in New Delhi, has resulted in a net loss of Rs 22.30 crore for GMR Infrastructure during the third quarter of this fiscal, compared with a net profit of Rs 9.2 crore during the corresponding quarter of last year.

Capacity costs, including interest charges and depreciation, for the company increased by Rs 197 crore. “This sharp rise in the interest and depreciation costs of Delhi Airport has adversely impacted the profit before tax and profit after tax for the quarter,” said the company in a press release.

However, Mr G. M. Rao, Chairman, GMR Group, added in the release that the effect “will be mitigated once the impending tariff revision process of this airport is concluded in the next few months”.

The company has recorded a 27 per cent growth in revenues to Rs 1,359.8 crore (Rs 1,066.72 crore) during the said quarter, which, according to the release was contributed mainly by the induction of Male Airport and Homeland Energy revenues for part of the quarter.

For the group, revenues from the airports sector and energy sector saw 66 per cent growth and 15 per cent growth respectively. Toll road projects recorded a significant growth of 24 per cent in revenues “due to growth in traffic volume and inflation-adjusted higher toll rates,” said the release.

“All our energy and highway projects are progressing as per schedule. There has been significant growth in traffic at all our operating airports with the Sabiha Gokcen Airport in Istanbul recording a 75 per cent growth. All these augur well for us to close the year on a positive note,” said Mr Rao.