Home >companies >GMR Infrastructure posts bigger-than-expected Q4 loss, shares fall

Mumbai: GMR Infrastructure Ltd on Tuesday reported a wider-than-expected loss for the fourth quarter ended 31 March, sending its shares down as much as 5.3%.

Consolidated net loss in the fourth quarter widened to 953.50 crore from 891.90 crore a year earlier, hurt in part by total expenses, which rose 26.5% to 3,350.36 crore. Net sales rose 29% to 3,708.37 crore from 2,872.01 crore in the year earlier quarter.

Four analysts polled by Bloomberg had expected GMR Infrastructure to report consolidated loss of 441.6 crore on net sales of 3,009.90 crore.

GMR Infrastructure, which has interests in airports, energy, transportation and urban infrastructure, said revenue in its largest airports business rose 27.4% to 1,831.71 crore, while power business revenue rose 28.5% to 1,508.27 crore. Revenue in roads and the engineering, procurement and construction (EPC) business also rose.

For the full-year ended 31 March, the company reported consolidated net loss of 2,161 crore, down from 2,733.29 crore in the previous year. “Resolution of regulatory bottlenecks in power sector, better operating margins from power plants and robust traffic growth in airports have contributed to reduction in losses by 960 crore during the year," GMR Infrastructure said in a statement.

GMR Infrastructure is monetizing assets to repay creditors after years of debt-driven expansion. In March, the company agreed to sell 51% equity stake in its 99-km highway project in Karnataka to its joint venture partners. On 9 May, the company said Malaysia’s largest electric utility Tenaga Nasional Bhd will invest $300 million in another subsidiary GMR Energy Ltd and pick up 30% equity stake in a “select portfolio" of its energy assets.

As of 30 September, GMR Infrastructure had total consolidated debt of 43,439.60 crore. It owns 15 power generation projects, nine operating road assets and a double rail-track line of the eastern dedicated freight corridor under development. It also operates the international airport in New Delhi.

GMR Infrastructure’s shares fell 1.83% to close at 11.29 each on the BSE, on Tuesday.

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