New Delhi: GVK Power and Infrastructure today said its consolidated net loss widened many folds to Rs 171.01 crore in the fourth quarter ended March, 2013, largely due to increased expenses and losses incurred in the power business.
The flagship firm of Hyderabad-based GVK group had reported a consolidated net loss of Rs 20.88 crore during the corresponding quarter of 2011-12. Net sales of the company also declined nearly 24 per cent to Rs 500.07 crore during the quarter as GVK reported a loss of Rs 39.85 crore in its power business, it said in a filing to the BSE. During the corresponding quarter of FY'12, it had reported a net sales of Rs 657.59 crore.
The losses incurred by the power segment of GVK negated the impact of nearly 46 per cent increase in its revenues from the airport segment at Rs 473.46 and 12 per cent rise in roads segment at Rs 65.71 crore. Besides, company's annual fee to Airport Authority of India, for operating two airports at Mumbai and Bengaluru, jumped 50 per cent (at Rs 187.31 crore) during the quarter. Due to this, GVK's consolidated expenses, at Rs 614.10 crore, was more than its net sales at Rs 500.07 crore.
For the year ended March, 2013, GVK reported a consolidated net loss of Rs 335.97 crore vis-a-vis Rs 61.46 crore profit of 2011-12. Besides, its net sales also increased marginally by 4.65 per cent at Rs 2,607.65 crore as it was impacted by over 46 per cent decline in gross revenues from the power business at Rs 895.45 crore. The fall in income from the power segment also negated the impact of 2.45 times increase in revenues from the airport segment (at Rs 1,462.12 crore). Besides, nearly 55 percent rise in GVK's interest outgo at Rs 707.93 crore during the year also impacted its financial results.
As on March, 31, its total borrowings stood at Rs 17,085.20 crore, while it has cash and cash equivalents of Rs 2080.16 crore. Shares of the company were being traded at Rs 9.48 apiece on the BSE at 1430 hours, up 2.16 per cent from their previous close.