Home / Companies / GVK Power Q4 loss widens to Rs408 crore

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.

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