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GMR Infrastructure has posted a loss of Rs 334.85 crore for the first quarter ended June 30, 2019 as against a loss of Rs 237.63 crore during the corresponding quarter of last year on a consolidated basis.
The total income of the diversified infrastructure company was at Rs 2,205.91 crore during the first quarter as against Rs 1867.24 crore in the corresponding quarter of the previous financial year.
GMR Infra’s airports business performed well- reported a profit of Rs 457.67 crore and revenue of Rs 1,441.60 crore, as against a profit of Rs 276.55 crore and revenue of in Rs 1,246.77 crore it logged in the corresponding period last year.
The Board of Directors of the company at its meeting held on August 8 has approved for the proposal to raise funds up to Rs 2,500 crore in one or more tranche(s), through issue of equity shares or equity linked instruments, debentures or any other securities and also Rs 229.70 crore through issue of four optionally convertible debentures (OCDs) of face value of Rs 57,41,97,685.
The company has executed agreements with TRIL Urban Transport Private Limited of the Tata Group, an affiliate of GIC and SSG capital management for proposed investment of Rs 8000 crore in GMR Airports Limited (GAL). This was with a value of GAL at Rs 22,500 crore, including value from earnouts amounting to Rs 4500 crore. The strategic deal will enable de-merger of the Airports Business.
During the quarter, GMR managed to resolve issues relating to two stressed assets seeking to deleverage the balance sheet. It divested entire stake of 47.62 per cent in GMR Chhattisgarh Energy Limited after approvals from lenders.
GMR also implemented a resolution plan with approvals from 100 per cent of the lenders of Rajahmundry power plant. This has helped in bringing down debt.
The Delhi airport generated cash profit of Rs 186 crore in Q1 as against a loss of Rs 30 crore. And the Hyderabad airport achieved a profit of Rs 183 crore in Q1 versus Rs 185 crore. It has become the first airport to start trials of Face Recognition based passenger processing system.
In the Indonesia Coal Mine PT GEMS, the company sales grew by 35% YoY to 7.5 million tons in Q1FY20 from 5.6 MT in Q1FY19. The revenue grew by 7% YoY to Rs 1,898 crore from Rs 1,772 Cr in Q1FY19.
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