GMR Energy, the flagship energy subsidiary of GMR Infrastructure, has raised around Rs 500 crore of debt from Power Finance Corporation (PFC) to achieve financial closure of its various power projects.
Sources said the door-to-door period of repayment for this loan was around 15 years, with an average interest rate of 12 per cent. The company has three completed energy projects — a barge-mounted power plant at Kakinada, Andhra, and another in at Vemagiri, plus a 200-Mw power plant in Chennai. The company has a power generation capacity of 808 Mw by end-December 2010 and 11 projects with a total capacity of 8,448 Mw in various stages of development.
During the third quarter of the current financial year, revenue from the energy division of the company rose 15 per cent to Rs 506.6 crore against Rs 441.9 crore reported last year. Operating profit here had increased by 50 per cent to Rs 81 crore during this period. Over the first nine months of the financial year, however, the division recorded a marginal drop of two per cent in revenue to Rs 1,584.7 crore. Operating profit also fell in this period by three per cent, to Rs 240.6 crore.
GMR Infra had a net loss of Rs 22.3 crore for the third quarter ending December, as compared to Rs 9.2 crore profit last year on the back of higher capacity costs. The company incurred an additional capacity cost of around Rs 197 crore as interest charges and depreciation owing to the commissioning of Delhi airport’s new terminal.
Revenue for the quarter, however, went up by 27 per cent to Rs 1,360 crore for the quarter, as compared to Rs 1,066 crore in the same quarter last year, due to sound business growth in the airport segment.