GMR Infrastructure today reported a consolidated net loss of Rs 94 crore for the quarter ended June 30, 2012, mainly on account of losses at DIAL (Delhi International Airport Pvt Ltd) and one-time tax asset reversal at GVPGL (Vemagiri power plant).
Gross revenues of the company rose to Rs 2,562 crore in the quarter under review from Rs 2,090 crore in the same quarter last year.
Loss for the quarter reduced significantly as compared to the previous quarter ended March, 2012 (Rs 366 crore) on account of improved revenue and EBIDTA from all sectors, GMR Group President and CFO Subba Rao told reporters here.
The losses at DIAL have shown a significant downturn post the sanction of ADF (Airport Development Fee) and revision of tariff rates, Rao said. The profitability of DIAL is expected to further improve in next quarters on account of applicability of the revised tariff for the full period.
With the consistent improvement in margin at airports, the EBIDTA margins showed increase over the corresponding quarter, he said.
"During the quarter DIAL has implemented the new tariff for aero charges as approved by AERA, which has improved the overall performance of DIAL and consequently our airport sector. While growth in revenues of airport and highways sectors is in line with our plans, non-availability of gas for the power plants has impacted the topline for energy sector," Rao said.
The losses in energy segment were mainly due to lower gas availability in Kakinada and Vemagiri plants, Rao said.
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Increase in the engineering–procurement-construction (EPC) division turnover and higher aero revenue at DIAL contributed to the revenue growth, he said.
Renewable energy sources contributed to Rs 16 crore revenue during the quarter and GEL (Barge-mounted power plant in Kakinada) entered into year-long PPA with AP Discom,he said.
In the highways segment, traffic in toll roads grew by 6% as compared to the corresponding quarter and toll revenues by 12%.