GVK Power net loss halves in Q2 to Rs 123 cr

Total income from operations rose 53% to Rs 1,068 cr as against Rs 699 cr in the year-ago period

GVK Power and Infrastructure Limited (GVK PIL) has reported a consolidated net loss of Rs 123.50 crore for the quarter ended September, 2015 as compared to Rs 235.56 crore in the corresponding quarter last year.

The fall in losses comes in the back of a sharp rise in revenues compared to the year ago period.

Total income from operations grew 52.9 per cent at Rs 1,068.32 crore for the quarter under review as compared with Rs 698.76 crore in the year ago period. The growth in revenues was primarily driven by the power division.

The EBITDA at a consolidated level for the year stood at Rs 504.22 crore as compared with Rs 266 crore in the corresponding previous quarter.

The three gas-based power projects in Andhra Pradesh totalling an installed capacity of 919 Mw and the 330 Mw Alakananda hydro power project in in Uttarakhand together contributed Rs 311.19 crore revenues in this quarter as compared with Rs 32.08 crore in the corresponding previous quarter.

Yet, the losses for the quarter attributable mainly to the restricted supply of gas for Jegurupadu phase 1 and nil supply to the other two plants and higher interest costs, according to the company.

Mumbai airport contributed more than 50 per cent of the total revenues at Rs 636.17 crore for the quarter as compared with Rs 580.67 crore in the year ago period. Revenues from Bangalore airport grew 18 per cent at Rs 278.40 crore as compared with Rs 234.36 crore in the corresponding quarter last year. Road sector revenues of around Rs 83 crore also grew marginally during the quarter.