GVK Power loss rises three-fold

Revenues grew 27.7% at Rs 1,081 cr during the quarter as compared to Rs 846 cr in the year-ago period

Hyderabad-based GVK Power and Infrastructure Limited (GVK PIL) has posted a near three-fold increase in consolidated net loss at Rs 408 crore for the quarter ended March, on the back of a steep rise in interest costs and higher expenses. Net loss stood at Rs 108.7 crore a year ago.

Revenues grew 27.7 per cent at Rs 1,081 during the quarter as compared to Rs 846 crore in the year-ago period. Total expenses rose by 52.8 per cent to Rs 969.4 crore from Rs 634 crore. These include Rs 63.8 crore write-off of the assets. Interest costs rose 88 per cent in the current quarter at Rs 678.7 crore as compared with Rs 360 crore in the corresponding quarter previous year.

Airport revenues, which account for 70 per cent of the total income for the quarter, rose to Rs 765.7 crore from Rs 663 crore in the year-ago period.  

Meanwhile, the company said it was in the process of using the sale proceeds of the Jegurupadu Phase-I power plant to regularise the loans of the subsidiary concerned and was also planning to tie up for additional loans.

For the full year, GVK PIL's total income was up 36.6 per cent at Rs 4,164.5 crore as compared with Rs 3049.6 crore a year ago. The company reported a total net loss of Rs 934 for the full year, an increase of 12 per cent over Rs 834.7 crore a year ago.