GMR Infrastructure today reported a net loss of Rs 22.3 crore for the third quarter ended December, compared with Rs 9.2 crore net profit a year earlier, on higher capacity costs. Capacity costs, including interest charges and depreciation, rose 59 per cent, or Rs 197 crore, due to the commissioning of T3, the new terminal at Delhi Airport.
“The adverse impact of the rise in interest and depreciation costs due to the commissioning of Delhi Airport will be mitigated once the impending tariff revision process of this airport is concluded in the next few months,” G M Rao, chairman of the Bangalore-based company, said.
Revenue for the three months to December grew 27 per cent to Rs 1,360 crore, from Rs 1,066 crore in the year-ago quarter, due to sound business growth in the airport vertical.
The airport segment saw 66 per cent growth in revenue at Rs 626.4 crore, with the Delhi Airport contributing around Rs 345 crore to it. Revenue from the energy sector rose 14.6 per cent to Rs 506.6 crore, while its highway business logged an eight per cent rise in revenue at Rs 98.5 crore.
The energy vertical’s contribution to the overall revenue fell to 37 per cent from 41 per cent, while the airport segment saw its contribution rising to 46 per cent from 35 per cent.
Operating profit witnessed a 10.3 per cent rise at Rs 381.3 crore, compared to Rs 345.4 crore a year earlier.
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The company said operating profit did not grow in tune with revenue due to newly-inducted businesses and seasonal factors of some other existing business.
During the quarter, the company achieved financial closures of its Male Airport, Chhattisgarh thermal power project and Hungud-Hospet road project.
A Subba Rao, group chief financial officer of the company, said net debt rose 39 per cent to Rs 15,300 crore. “Debt level will depend on the new project pipeline along with completion of ongoing project. As of now, we are at a comfortable level, as all debts are for project loans.”