GVK Power Q1 loss at Rs 64 cr on higher interest, tax

GVK Power and Infrastructure has reported higher than expected consolidated net loss of Rs 64.3 crore in the quarter ended June 2012 as against profit of Rs 58.9 crore in a year ago period due to higher interest cost and tax expenses. Analysts on an average had expected the loss in the vicinity of Rs 3 crore.

Consolidated net sales rose by 33.7% to Rs 818.6 crore in the first quarter of financial year 2012-13 from Rs 612.3 crore in the corresponding quarter of last fiscal, which was better than expectations of Rs 688 crore.

EBITDA margin went up by 40 basis points YoY to 23.2%.

Other income increased 82.2% to Rs 36.53 crore from Rs 20.05 crore and tax expenses jumped 187.3% to Rs 26.55 crore from Rs 9.24 crore during the same period.

Total expenses during the quarter rose by 37.3% YoY to Rs 712.62 crore.

At 13:30 hours IST, the share declined 3% to Rs 13.12 on the BSE.