Buoyed by a Rs 1,231 crore gain on selling majority stake in a subsidiary,GMR Infrastructure today bounced back in the black,reporting a consolidated net profit of Rs 519.17 crore for the January-March quarter.
The city-based firm,which has interests in areas like airports,power and roads,had clocked Rs 355.16 crore loss in the corresponding quarter of 2011-12 fiscal,it said in a filing to the BSE.
“During the quarter ended March 31,2013,the Group has divested its 70 per cent stake in GMR Energy Singapore Pte Ltd to FPM Power Holding and has realised a profit of Rs 1,231.25 crore arising on such sale of shares…,” it said.
The subsidiary was developing a 800 MW combined cycle gas turbine power plant at Jurong Island in Singapore.
Meanwhile,GMR Infrastructure has made a Rs 251.37 crore impairment (reduction in company’s stated capital) provision towards the carrying value of net assets of Homeland Energy Group Ltd (HEGL).
It has also written off Rs 202.61 crore related to its Male airport business.
Income of the company during the quarter also rose to Rs 2,592.52 crore from Rs 2,134.35 crore a year ago. Expenses also moved north-wards to Rs 2,103.84 crore compared to Rs 2,080.60 crore during the January-March quarter of 2011-12.
For the year 2012-13,the company has reported Rs 88.12 crore net profit on Rs 9,974.66 crore total income. During 2011-12,the company had clocked Rs 603.34 crore loss.
Shares of the company were trading at Rs 21.45 per share during the afternoon trade,up 4.89 per cent.