GVK Power Q4 loss widens to Rs408 crore
1 min read . Updated: 20 May 2016, 11:28 PM IST
PremiumFor the full year to March, GVK had a net loss of `934 crore, `100 crore higher than in the previous year
Hyderabad: GVK Power & Infrastructure Ltd’s consolidated net loss widened to ₹ 407.7 crore in the fourth quarter from ₹ 108.6 crore in the year-ago period on higher interest costs.
Revenue rose to ₹ 1,081 crore in the three months to March from ₹ 846 crore a year ago, the company said in a statement.
Interest costs surged 88% to ₹ 679 crore in the quarter from ₹ 360 crore.
For the full year to March, GVK had a net loss of ₹ 934 crore, ₹ 100 crore higher than in the previous year. Full-year revenue rose to ₹ 4,164.5 crore from ₹ 3,049.65 crore.
“The losses during the year are attributable mainly to the restricted supply of gas for power plants as a result of which the plants did not operate at full capacity, one-time loss on write-off of investment in Oil & Gas, Road and other projects amounting to ₹ 162 Crore and higher finance cost," GVK said in a statement.
GVK has total debt of around ₹ 26,000 crore. At the end of March, GVK sold a 33% stake in Bangalore International Airport Ltd (BIAL)to Fairfax India Holdings Corp. for ₹ 2,149 crore.
This deal helped the company reduce debt by ₹ 2,000 crore and reduce the interest burden by ₹ 300 crore.
