BackGMR Infrastructure posts Q3 loss at ₹379 crore
Net sales rose 29.8% to Rs3,540.84 crore as compared to Rs2,727.83 crore a year ago
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Mumbai: Infrastructure conglomerate GMR Infrastructure Ltd narrowed its losses for the October-December quarter of the current financial year, owing to clarity in regulations and better operating margins from power plants.
GMR Infrastructure posted a net loss of ₹ 379.38 core in the December quarter from ₹ 638.33 crore a year ago. Net sales rose 29.8% to ₹ 3,540.84 crore as compared to ₹ 2,727.83 crore a year ago.
According to Bloomberg estimates, GMR Infrastructure was expected to report a net loss of ₹ 460 crore on sales of ₹ 2,615 crore.
GMR Infrastructure had secured favourable and revised tariff orders for its power plants during the reporting quarter.
The significant reduction in losses are largely owing to resolution of regulatory bottlenecks, better operating margins from power plants and good traffic growth in airports.
However, interest cost for the reporting quarter has increased by ₹ 202 crore over the third quarter of FY15 to ₹ 1,129 crore, primarily on account of interest charge of ₹ 91 crore on operationalisation of the Chhattisgarh plant and ₹ 96 crore on operationalisation of Rajahmundry power plants. Further, there was a one-time interest charge of ₹ 64 crore from the Delhi International Airport Ltd on a development fund (DF) loan which was earlier recovered from DF receivable.
The earnings before interest, depreciation, tax and amortisation or Ebitda has doubled to ₹ 1,399 crore for the quarter from ₹ 671 crore in the third quarter of FY2015, up by 109%, the company said in a statement.
Ebitda margins improved to 48% during the quarter from 30% in the same quarter last year, it said.
Ebitda in energy sector has increased by more than seven times to ₹ 580 crore for the reporting quarter, while Ebitda in the airport sector shot up by 45% to ₹ 648 crore, the company said.
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