GMR Infrastructure has reported a consolidated net loss of Rs 892 crore for the quarter ended March 31, 2015, impacted by various charges including higher finance costs.
GMR Infrastructure has reported a consolidated net loss of Rs 892 crore for the quarter ended March 31, 2015, impacted by various charges including higher finance costs.
The infrastructure giant with interests in airports, energy and highways had reported Rs 1,170 crore net profit for the January-March quarter of the 2013-14 fiscal.
During the fourth quarter of 2014-15, the company saw its finance cost climb to Rs 967.61 crore and incurred other charges including loss on account of provision towards claims recoverable. Its finance cost in the year ago quarter was Rs 918.51 crore.
In the comparable period, the company had reported net profit mainly on account of one-time profit of nearly Rs 1,659 crore from sale of "jointly controlled entities".
According to filing made to stock exchanges, GMR's income from operations for the January-March quarter declined to Rs 2,872 crore as against Rs 2,930 crore in the year-ago period.
Its total expenditure stood at Rs 2,648 crore during the quarter under review, as against Rs 2,707 crore in the same period of the previous fiscal.
For the full fiscal 2014-15, GMR Infra recorded consolidated net loss of Rs 2,733 crore. It had recorded a profit of Rs 10 crore in 2013-14.
"Successful stabilisation of operations of the thermal power plants has enabled significant turnaround of Energy sector with EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) of the sector growing by almost 8 times to Rs 222 crore for FY15 from Rs 28 crore for the last year," the company said in a statement on Monday.
Improved operating performance in energy sector resulted in consolidated gross revenue of Rs 11,088 crore for FY15 showing an increase of 4% from Rs 10,653 crore for the previous financial year, the company said.
On the financing side, GMR Infra said it raised Rs 1,402 crore through rights issue, which has been used primarily towards corporate debt servicing.
Shares of the company were trading at Rs 14.19 apiece, down 0.14% on the BSE in late afternoon trade.
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