GMR's Q2 net loss widens on poor show from airport biz

Moneycontrol Bureau

GMR Infra's September quarter loss widened around four fold to Rs 179 crore on high interest cost which shot up to Rs 485 crore, up 24%,year-on-year. Total incomes, was however up 18% to Rs 2,479,YoY. The company's airport and power business also did not put up a good show during the quarter.

The company which operates in power, roads and airport verticals said that while revenue from GMR's overall airport business increased by nearly 37% to Rs 1,469 crore in September, 2012,YoY, Delhi International airport, run by a GMR--led joint venture, incurred a net loss of Rs 41.16 crore for the quarter ended September, 2012. It has accumulated a total loss of Rs 1,625.19 crore as on September 30, resulting in a substantial erosion of net worth.

The company said that, as at September 30, the power segment companies have receivables (including unbilled revenues) from Tamil Nadu Electricity Board (TNEB) and Tangedco Ltd aggregating to Rs 782.02 crore.