Power project woes continue to haunt GVK Power and Infrastructure, which despite posting a higher revenue swung to loss in the last fiscal.
The company reported a loss of Rs 335.9 crore for fiscal 2013 against a profit of Rs 61.46 crore in the previous fiscal.
Revenues rose 4.6% in the last fiscal at Rs 2,607.65 crore.
Except energy, the company’s all other verticals including airports and transportation posted profits.
For the fourth quarter, the company’s revenues fell 22% year on year to Rs 500.07 crore.
Net loss for the quarter widened to Rs 171 crore as against Rs 57 crore in the corresponding period.
Idling of all its power projects in addition to rising interest costs is the key reason for the company’s losses, experts said.
“The three gas based projects – 464 mw GVK Gautami Power and 235 mw Phase I & 220 mw Phase II projects of GVK Industries – together have recorded nil revenue due to stoppage of gas supply from KG basin for the quarter ended March 31, 2013. For the last fiscal, income from operations dropped 46% to Rs 895.45 crore over the fiscal 2012 figures,” the company said in a statement.
The power segment alone resulted in net loss for the quarter ended March 31, 2013 at Rs 171.41 crore.
For the fiscal 2013, net loss of the segment stood at Rs 174.20 crore as against net profit of Rs 35.47 crore in the previous fiscal.
The company’s interest costs zoomed to about Rs 707.93 crore in the last fiscal as against Rs 457.22 crore in the previous year.
Due to lower availability of gas, its subsidiary GVKGPL has installed an alternate fuel equipment in June 2012 and was claiming full capacity charges.
The company has filed a petition with the state power regulator for advising AP Transco to pay the full charges. Pending approval, GVKGPL has deferred the recognition of revenues aggregating to Rs 236.9 crore, it said in a statement.
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