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GVK Power & Infrastructure Ltd has posted a loss of Rs 108.66 crore in the fourth quarter ended March 31, 2015, as against a loss of Rs 235.46 crore in the corresponding quarter last year.
The diversified Hyderabad-based infrastructure company registered net sales of Rs 846.30 crore during the fourth quarter last fiscal as against Rs 694.41 crore in the corresponding quarter of the previous year.
For the financial year ended March 31, 2015, the company posted a loss of Rs 834.68 crore and income of Rs 3,049.65 crore as against a loss of Rs 368.68 crore and income of Rs 2,820.93 crore in the previous financial year.
While the airports and roads verticals performed well, the power business was impacted on account of inadequate fuel supply to its gas-based plants. This, along with high interest and debt service costs, impacted the company’s numbers.
With the court cancelling its coal block, GVK Coal (Tokisud), the company expects the Government would appropriately reimburse its investments. Likewise, it expects to recover the investment it has made in GVK Oil & Gas Ltd.
COAL ASSET
With regard to overseas coal assets owned by its subsidiary, GVK is in discussions with non-controlling shareholders to realign funding-related issues and is also seeking additional funding for the mine project.
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