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GMR Infrastructure has posted a multifold increase in loss of ₹1,119 crore for the third quarter ended December 31, 2020 as against a loss of ₹279 crore for the corresponding quarter of the last year on a consolidated basis.
The diversified infrastructure company also took a hit in the Covid pandemic affected year with its revenues for the third quarter coming down to ₹1,481 crore (₹2,196 crore).
The company posted a loss of ₹2,702 crore for the nine months ended December 2020 as against a loss of ₹1,071 crore in the comparable previous quarter revenue was also down at ₹3,909 crore (₹6,207 crore).
The company’s business across airports, roads and power and other segments is on a recovery path with the government gradually unlocking restrictions on businesses. With the Government permitting increase in traffic, airports businesses, which were adversely affected, are gradually looking up now. During the quarter, GMR received consent of the Stock Exchanges to file composite Scheme of Amalgamation and Arrangement amongst GMR Power Infra and GMR Infrastructure and GMR Power and Urban Infra and their respective shareholders with the National Company Law Tribunal.
GMR Hyderabad International Airport Ltd successfully priced an offering of $300 million, 4.75 per cent Senior Secured Notes for a tenure of five years in the international bond market.
The offering reinforces the company’s ability to raise funds from the International Bond Markets. The proceeds from the Notes will be used towards the capital expenditure of increasing the capacity to 34 million passengers per annum. Financial closure for the Hyderabad airport expansion project has been achieved.
GMR has signed definitive agreements for the sale of GMR SEZ and Port Holding’s entire 51 per cent stake in Kakinada SEZ Limited (KSEZ) to Aurobindo Realty and Infrastructure Private Limited.
The Board of Approval on special economic zones in the Ministry of Commerce and Industry has approved the sale of equity. Additional Government approvals are expected by end February 2021.
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