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GMR Infra Q2 loss widens to Rs 457 crore, revenue rises 6%

GMR Infrastructure Q2 results: Segment wise, revenue from the airports segment stood at Rs 1,494.7 crore versus Rs 1,315.5 crore in Q2FY19, while the energy vertical revenue was at Rs 167.4 crore against Rs 178.2 crore in the year-ago period

twitter-logo BusinessToday.In   New Delhi     Last Updated: November 15, 2019  | 18:15 IST
GMR Infra Q2 loss widens to Rs 457 crore, revenue rises 6%
GMR Infrastructure Q2 results: The net revenue increased to Rs 1,527 crore from Rs 1,469 crore in year-ago period

GMR Infrastructure has suffered consolidated net loss of Rs 457 crore during the second quarter ended September 30, 2019, due to impairment at Barge Power Plant and deferred tax asset reversal at Warora Power Plant.

"The infra major had posted net loss of Rs 334 crore in the same quarter last year and Rs 335 crore in June quarter of this fiscal," GMR Infrastructure said in a filing to the Bombay Stock Exchange.

The consolidated gross revenues for the quarter rose 5.98 per cent to Rs 2,018 crore in Q2FY20 as compared to Rs 1,904 crore in Q2FY19. The net revenue increased to Rs 1,527 crore from Rs 1,469 crore in the corresponding quarter last year.

Segment wise, revenue from the airports segment stood at Rs 1,494.7 crore versus Rs 1,315.5 crore in Q2FY19, while the energy vertical revenue was at Rs 167.4 crore against Rs 178.2 crore in the year-ago period.

Also Read: AGR effect: Vodafone Idea Q2 loss balloons to Rs 50,921 crore

The EBITDA (earnings before interest, tax, depreciation and amortization) rose to Rs 643 crore from Rs 534 crore in July-September quarter of the previous fiscal. The EBITDA margin improved to 42 per cent as against 36 per cent in the year-ago period.

The company informed the exchange that it has received all key approvals including Competition Commission of India (CCI) and Reserve Bank of India for the proposed 44.44 per cent stake sale in GMR Airports. The last process of regulatory clearance from the Government is underway and is expected over the next few weeks, it added.

A consortium of Tata Group, SSG Capital Management and Singapore's sovereign wealth fund GIC have agreed to buy a stake in GMR Airports.

Also Read: AGR provisioning blows Rs 23,045 crore hole in Airtel balance sheet

During the quarter under review, GMR Energy has entered into exclusive discussions with JSW Energy for potential divestment of its entire stake in GMR Kamalanga Energy Limited (GKEL). GKEL owns and operates a 1050 MW thermal power plant in Odisha.

Besides, the company has completed divestment of entire stake in GMR Chhattisgarh Energy.

Ahead of Q2 earnings announcement, shares of GMR Infrastructure closed trade at Rs 21.60 apiece, up 2.61 per cent, on the Bombay Stock Exchange on Friday. 

Edited by Chitranjan Kumar

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