A massive jump in capacity costs adversely impacted infrastructure major GMR's quarterly performance which posted a net loss of Rs 22.3 crore for the third quarter.
Capacity costs like interest charges and depreciation increased by 59% to Rs 197 crore over the corresponding quarter mainly on capitalisation of the new terminal T3, at its Delhi airport.
"The adverse impact of the rise in interest and depreciation costs due to commissioning of Delhi Airport will be mitigated once the impending tariff revision process of this airport is concluded in the next few months," said G M Rao, the chairman of the company.
The company's revenues for the quarter however went up by 27% to Rs 1,360 crore for the quarter as compared to Rs 1,066 crore in the same quarter last year. GMR says that the induction of Male Airport and Homeland Energy revenues for part of the quarter has contributed to this rise in revenues. Its EBITDA too registered a positive growth of 10%, but the company said that it has not grown in tune with the revenues due to newly inducted businesses and seasonal factors of some other existing business.
The company achieved financial closures of Male airport, 1,370 MW Chattisgarh thermal power project and Hungud-Hospect road project, during the quarter.
"All our energy and highway projects are progressing as per schedule. There has been significant growth in traffic at all our operating airports with the Sabiha Gokcen Airport in Instanbul recording a 75% growth. All these augur well for us to close the year on a positive note," said Rao.
Despite reporting weak third quarter numbers, shares of GMR Infra were trading 4.25% higher at Rs 33.10 apiece on the BSE today.
