 "GVK Power Q3 net loss over 33% to Rs 279 cr")
Hyderabad-based GVK Power and Infrastructure Limited recorded 33.44% slide in its consolidated net profit at Rs 279.06 crore for the quarter ended December 2015 as compared with Rs 209.12 crore in the corresponding quarter in the previous year. Performance was impacted by higher finance costs.
The revenues rose 28.29% to 1,015.96 crore from Rs 791.92 crore in the year ago period on the back of a higher income from all three segments—power, roads and airports—with airport operations contributing little over 70% to the total revenues.
The losses from power segment came down to lowest levels of Rs 8.77 crore from Rs 27.21 crore in the year ago period while profits from airport operations rose to Rs 158.73 crore from Rs 52.20 crore in the same quarter previous year.
"The losses for the quarter are attributable mainly to lower generation of power at Alakananda Hydro power plant, due to reduced water flow, non-fixation of tariff of Alakananda plant; restricted supply of gas for Jegurupadu Phse 1, Jegurupadu Phase 2, nil supply to Gautami power plant and higher interest cost on acquisition loans," the company stated.