GVK Power Q4 loss widens to R171 crore

Net loss at R335.97 cr for year ended March 2013.

Written by ENS Economic Bureau | New Delhi | Published: May 16, 2013 2:55:08 am

Net loss at R335.97 cr for year ended March 2013.

GVK Power and Infrastructure on Wednesday said its consolidated net loss widened to Rs 171.01 crore in the fourth quarter ended March,2013,mainly due to increased expenses and losses incurred in the power business. The company had reported a loss of Rs 20.86 crore during the same period last year.

The company’s revenue fell sharply to Rs 500.07 crore from Rs 657.59 crore in the same quarter last year,as it recorded no revenue from three gas-based projects — 464 MW GVK Gautami Power and 235 MW Phase I & 220 MW Phase II projects — due to decline in gas supply from Krishna-Godavari Basin in Andhra Pradesh. GVK Power’s energy business

Total costs of the company during the fourth quarter rose nearly 13 per cent to Rs 614.10 crore while the company’s tax expense nearly trebled to Rs 40.87 crore from Rs 14.54 crore in the year-ago quarter.

The firm’s airports business,however,fared better in the quarter,with net profit at GVK’s Mumbai International Airport arm rising to Rs 55.73 crore from Rs 32.96 crore last year. GVK’s Bangalore International Airport (BIAL) recorded revenue of Rs 155.60 crore for the quarter ended March as against Rs 156.59 crore last year. BIAL’s net profit for the quarter rose to Rs 58.78 crore from Rs 37.52 crore last year. The company’s stock,which has shed nearly a third of its value since the start of the year,shrugged off the weak results to close up 1.19 per cent at Rs 9.39 on Wednesday.

For the year ended March 2013,the consolidated net loss of the flagship firm of Hyderabad-based GVK group stood at Rs 335.97 crore,against a consolidated net profit of Rs 61.48 crore recorded during the previous year.

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