GMR Infra Q2 net dips 40%; to raise Rs1,000 cr

GMR Infra Q2 net dips 40%; to raise Rs1,000 cr

Mumbai: GMR infrastructure on Tuesday reported a 40% decline in its consolidated net profit at Rs53.61 crore for the second quarter ended September 30, 2009.

The firm had a net profit of Rs90 crore during the September quarter of the previous fiscal, GMR Infra said in a filing to the Bombay Stock Exchange.

The company’s total income rose to Rs1,209.76 crore during the July-September period of the current fiscal from Rs856.59 crore in the same period last year.

The board of the company has approved raising of Rs1,000 crore through issue of preference shares, subject to shareholders’ approval, the filing added.

On a standalone basis, GMR Infrastructure posted a 53.74% drop in net profit at Rs11.19 crore for the September quarter. Total income rose to Rs43.36 crore during the period, from Rs40.72 crore in the year-ago period.

“We are continuing our focus on building business. During the second quarter, we have acquired 100% ownership interest for 600 MW Thermal Power plant from Emco Energu... Overall the performance has been to our expectations," GMR Group Chairman GM Rao said.

Shares of GMR Infra were trading at Rs67.80, down 1.95% over previous close on the BSE.