Hyderabad: Infrastructure conglomerate GVK Power and Infrastructure Ltd reported a consolidated net loss of 43.66 crore for the second quarter of the fiscal on account of higher interest expenses and underutilization of capacities at its power projects.

Income from operations stood at 640.35 crore for the quarter ended 30 September, up 34.14% from 477.38 crore in the year-ago period.

“The loss during the quarter was attributable mainly to the interest paid on debt raised for acquisition of equity stake in Bombay and Bangalore airport projects," GVK said in a statement.

“Another reason for the loss was restricted supply of gas for the power projects, as a result of which the plants did not operate at full capacity," the statement added.

The three gas-based projects—the 464 MW GVK Gautami Power Ltd and 235 MW Phase I & 220 MW Phase II projects of GVK Industries Ltd—reported a revenue of 267.88 crore in the second quarter, down 34% from 406.90 crore in the corresponding quarter of the last fiscal.

Revenues from the Mumbai International Airport Pvt. Ltd were down 6% year-on-year at 314.45 crore, while Bangalore International Airport Ltd recorded revenue of 149.45 crore, up 1.55%.

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