Companies

GVK Power & Infra pares Q3 loss to ₹96 crore

Our Bureau Hyderabad | Updated on February 14, 2020 Published on February 14, 2020

 GVK Power & Infrastructure Limited has posted a loss of ₹96.13 crore for the third quarter ended December 31, 2019 as against a loss of ₹101.04 crore for the corresponding quarter of last fiscal on a consolidated basis.

The Hyderabad-based diversified infrastructure company registered total income of ₹1,156.15 crore for the third quarter as against ₹1,109.28 crore for the corresponding quarter last year.

For the nine months ended December 2019, the company posted a loss of ₹387.92 crore and income of ₹3,257.43 crore as against a loss of ₹265.89 crore and income of ₹3,275.64 crore for the corresponding nine months of previous financial year.

Last fiscal ended March 31, 2019, the company had registered a loss of ₹306.83 crore and revenues of ₹4,363.10 crore.

As on December 2019, the GVK Group/Company had accumulated losses and the group has incurred losses during the preceding years. The company has delayed payment of loans and interest and certain accounts have been classified as non-performing by banks.

Notwithstanding these concerns, the financial results have been prepared on a growing concern as management believes that the company would be able to ultimately establish profitable operations, meet commitments, reduce debt by stake sale.

The Group projects — Mumbai International Airport Limited and GVK Jaipur Expressway — are operating satisfactorily. The Group expects to execute the Navi Mumbai International Airport and has already achieved financial closure.

The company subsidiary GVK Airport Developers Limited has signed an agreement in September 2019 for dilution of its 79.1 per cent stake in GVK Airport Holdings Limited for ₹7,614 crore.

Published on February 14, 2020
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