Comments
GMR Infrastructure Limited has cut its fourth quarter losses 64 per cent to Rs 366.16 crore in fiscal 2010-11, thanks to higher business from EPC contracts and the Delhi airport. The company's Q4 net revenue is down 3 per cent to Rs 1,911 crore. The company's EPS stood at Rs 0.94.
For the entire fiscal (2011-12), the company losses have come down 35 per cent, to Rs 604 crore. Net revenues of the company were also down 31 per cent to Rs 7,586 crore for the year.
Mr G. M. Rao, group chairman, said: “The company's performance has been affected, chiefly by non-recognition of revenues from the National Aviation Company of India (NACIL) and the drop in the power sector revenues owing to shortage of gas.”
Mr Subbarao Amarthaluru, CFO, GMR group, said: “No new investment has been planned by the group this fiscal (2012-13). No new projects will be taken up, but the ongoing ones will be given priority. We want to consolidate our operations.”
Airport business
The firm's airport business suffered a Rs 1,022-crore loss in FY 2011-12 while revenues grew 45 per cent to Rs 4,405 crore in FY 2011-12.
Mr Siddhartha Kapur, CFO, GMR Airports, said the business suffered losses due to pending tariff revision for Delhi Airport, which has been notified only recently.
Energy losses
The energy business also suffered a Rs 156-crore loss in FY 2011-12. Revenues from this sector were up 7 per cent to Rs 2,375 crore.
Mr Raaj Kumar, CEO, GMR Energy, said: “The company is perusing a balanced portfolio of gas, coal, hydel and renewables. We are moving from dependence on gas-based power generation to coal. This year, we will be focusing more on solar power. In the second-half of this year, we are commissioning two projects of 1,650 MW.”
“The energy business has suffered losses because of non-availability of gas for our power plants. Therefore, the peak load factor (PLF) fell 40 per cent. Our coal mine in South Africa also suffered loss due to water-logging,” he added.
Highway segment
The highways part of the business posted a profit of Rs 52 crore while revenues grew by 4 per cent to Rs 406 crore. Mr Arun Kumar Sharma, CEO, GMR Highways, said the company is planning to explore big highway projects as the yields are better.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.