GMR Infra Q3 net down, says profits will improve in 2011

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GMR Infra Q3 net down, says profits will improve in 2011

GMR Infrastructure's Q3 consolidated net sales were at Rs 1,067 crore versus Rs 959 crore. Its consolidated net profit was down 85% to Rs 9.2 crore versus Rs 61.2 crore. In an interview with CNBC-TV18, Subba Rao, Group CFO, GMR Infra spoke about the quarter gone by and the road ahead.

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Excerpts from Midcap Radar on CNBC-TV18 Watch the full show » ALSO READ See latest News about GMR Infra See previous management interviews See what other Experts & Brokerages are saying about GMR Infra GMR Infra BSE | NSE 30/05/12 Are Mutual Funds betting on GMR Infra?

GMR Infrastructure has announced its third quarter results. The comapny's Q3 consolidated net sales were at Rs 1,067 crore versus Rs 959 crore. Its consolidated net profit was down 85% to Rs 9.2 crore versus Rs 61.2 crore. Its Q3 depreciation was at Rs 170 crore versus Rs 114.3 crore. The company has incurred losses of Rs 12.4 crore from associate versus Nil in the last quarter.

In an interview with CNBC-TV18, Subba Rao, Group CFO, GMR Infrastructure spoke about the quarter gone by and the road ahead.
 
Here is a verbatim transcript of the interview. Also watch the accompanying video.

Q: GMR Energy; are you diluting 10-15%, have you signed a term sheet?

A: No, we are not diluting anything. But we are bound by confidential agreement at this stage to divulge anything and our policy also is not to comment on any fund raising plans till we reach a definitive stage. That is reached when we sign the agreement. We have not reached that stage yet. Hence I woudn't be able to comment, I am bound by the confidential agreement.

Q: Walk us through on in the next 3-6 months if there is any one big chunk of revenue being added either a project has been finished or commercialized. Anything of that sort that is coming through which can add to the revenues you have already reported?

A: The next significant propulsion in the revenue would come when we inaugurate the terminal three at the Delhi airport. So apart from this in the next few months I don't think any other projects would come into operation.

So that would push up the revenues in the next financial year because of this and the capacity would go up and a lot of new contracts would come into operation. That would be a big push in the revenue.