GMR Infrastructure records third quarter loss of Rs 1,120 crore

The firm was hit hard by pandemic-induced lockdowns

Hit by globallockdown to contain the spread of COVID-19, GMR Infrastructure Limiteds consolidated loss for the quarter ended December 31 widened to Rs 1120.51 crore.

It was Rs 280.74 crore during the October-December period in FY20, a filing from the company with the bourses said on Friday.

The consolidated total income for the quarter under discussion was down to Rs 1673.53 crore against Rs 2297.65 crore, it said.

Revenues from the Airports segment was down to Rs 816.19 crore during the quarter.

It was Rs 1636.14 crore during the corresponding period in FY20.

The segment incurred a loss of Rs 455.17 crore in the quarter against Rs 118.74 crore profit during the same period last year.

GMR currently operates two International Airports in India- Delhi and Hyderabad and one in Mactan Cebu in Philippines with a local partner.

"With the recent and rapid development of the COVID-19 outbreak, many countries have implemented travel restrictions.

The Group has majority of its subsidiaries, JVs and associates operating in Airport sector, Energy Sector, Highway sectors and Urban Infra sector and with respect to COVID-19 impact on the business of these entities, the management believes while the COVID - 19 may impact the businesses in the short term, it does not anticipate medium to long term risk to the business prospects," GMR said.

The Group has incurred losses, primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth, delay in debt and interest servicing and lower credit ratings for some of its borrowings, the infra major said.

The management is taking various initiatives, including monetization of assets, sale of stake in certain assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt, it added.