DIAL, the joint venture operating the international airport in the national capital, saw its accumulated losses reduce to Rs 233.09 crore in the last financial year.
Diversified group GMR Infrastructure has 64 per cent stake in Delhi International Airport (P) Ltd (DIAL). Airports Authority of India (AAI) has 26 per cent shareholding in the joint venture and the rest is with Germany's airport operator Fraport.
While announcing its financial numbers for the 2015-16 fiscal, GMR Infrastructure today also said there has been partial erosion of the net worth of DIAL.
"DIAL has accumulated losses of Rs 233.09 crore as at March 31, 2016 which has resulted in part erosion of net worth of DIAL...," it said in a filing to the stock exchanges.
Specific details about net worth erosion were not disclosed.
"However, DIAL has earned profits during the quarter and year ended March 31, 2016 and March 31, 2015 and has met all its obligations as at March 31, 2016," the company said.
As per GMR Infrastructure's 2015 annual report, DIAL's accumulated losses stood at Rs 741.95 crore at the end of March 31, 2015.
The accumulated losses was at Rs 969.86 crore as on March 31, 2014.
Meanwhile, GMR Infrastructure today noted that DIAL expects to earn sufficient cash profits and does not foresee any difficulty in continuing its operations and meeting the financial obligations.
"In view of the profits earned over the last three financial years, DIAL's business plans and cash flow projections for the next one year, DIAL expects to earn sufficient cash profits and does not foresee any difficulty in continuing its business/ operations and meeting its financial obligations.
"Accordingly, financial statements of DIAL continue to be prepared and accordingly consolidated on a going concern basis," GMR Infrastructure said.
For the 2015-16 period, GMR Infrastructure's net loss stood at Rs 2,161 crore as against Rs 2,733.29 crore in the previous fiscal. The total income from operations rose to Rs 13,357.66 crore in the last financial year from Rs 11,087.68 crore in the year-ago period.
