Wednesday 30 May 2012

GMR Infra posts Rs 366 cr loss in Q4 Losses narrowed by 64% compared to Jan-Mar 2011


GMR Infrastructure today reported a consolidated net loss of Rs 366.16 crore for the January- March quarter of the last fiscal, hit by losses incurred by its subsidiary DIAL, which is the operator of Delhi Airport.
However, the losses have narrowed down by about 64% in the fourth quarter as compared to loss of Rs 1,006.74 crore of the January-March period of FY'11
"Delay in tariff revisions on Delhi Airport has led to DIAL reporting a loss of Rs 573 crore in 2011-12. It was an exceptional situation," GMR's group Chief Financial Officer A Subbarao told PTI.

Stating that Airport Economic Regulatory Authority (AERA) has notified the revision in tariff rates, including User Development Fees, for Delhi Airport from May 15, he said that "overall situation will be much more different post revision. All of this (DIAL making losses) would be history."

According to the AERA order, the tariff revision amounts to 346% increase in airport charges for two years.

"With that (revision of tariffs), we are looking to overcome some of the losses. It will begin from the current quarter but full impact will be visible from July-September quarter onwards," he said.

GMR's net sales during the fourth quarter were also down 2.58% to Rs 2,099.28 crore, largely due to non-recognition of Rs 100 crore from National Aviation Company of India (NACIL) in the airport division and drop in power sector revenue due to gas shortage.

"We don't know how long we will have to wait for gas. It's a kind of force majeure situation. Our units were running at 45% plant load factor (PLF)," he said.
For the full year 2011-12, the infrastructure major
reported a net loss of Rs 603.34 crore vis-a-vis a net loss of Rs 929.64 crore of FY'11 due to losses by airports business and drop in revenues from the power business.

However, its net sales were up 31% to Rs 8,473.03 crore in the last fiscal largely due to 139% revenue growth in EPC (engineering, procurement and construction) segment and significant growth in airports business.

Talking about the power business, Subbarao said that GMR will be adding 1,650 MW generation capacity in the current fiscal.

Besides, commissioning of 687 MW power project at Rajahmandry in Andhra Pradesh would depend on availability of gas, he said, adding that 93% of work has been completed.

By next quarter, the company would also begin work on six laning of 555-km long Rs 7,700 crore Kishangarh-Ahmedabad project. The company has recently secured loans worth Rs 5,400 crore for the project by IDBI-led consortium.

GMR shares were down 6.51% in the late afternoon trade at Rs 19.40 apiece on the BSE.

No comments:

Post a Comment