Sanjay Reddy, the vice chairman of GVK Infra and the director of GVK Power says the company will provide the additional documents to the Australian federal government for the environmental clearance and expects a positive outcome soon.
In an interview to Isaac George, chief financial officer of GVK Power & Infrastructure says, extension of 80IA benefits is good for the power companies. "I believe 80IA benefits need to be extended beyond 2013," he adds.
Diminishing supply of gas and coal are putting pressure on power companies to cut back production. CNBC-TV18 catches up with the chief financial officer of GVK Power & Infrastructure, Isaac George, to get an insight to the situation and the way forward for his company.
GVK Power acquired a major coal resource and infrastructure development project, Hancock Coal in Australia. Valued at USD 1.26 billion, it is one of the largest overseas acquisitions made by an Indian infrastructure company.
GVK Power & Infrastructure announced outstanding results on August 6th, with net profit rising 76.5% year-on-year to Rs. 58.92 crore. This was mainly due to a 25% increase in net sales to Rs. 612.31 crore in the quarter ended June 2011.
Isaac George, CFO of GVK Power & Infrastructure says the quarterly earnings from the power sector slipped because Reliance has reduced gas supply. The company is operating at 75% of plant load factors (PLFs) as against 90% for the same period last year.
In an interview with CNBC-TV18, Isaac George, CFO, GVK Power & Infrastructure spoke about the latest happenings in his company.
Speaking to CNBC-TV18 about his budget expectations, Isaac George, CFO, GVK Power, said, the minimum alternate tax (MAT) has risen to 20% and is eating up all the tax benefits enjoyed by infrastructure companies.
Isaac George, CFO of the Hyderabad based infrastructure firm, in an interview on CNBC-TV18 said the power segment was a disappointment which impacted their profits.
In an interview with CNBC-TV18, Isaac George, CFO, GVK Power & Infrastructure said the company is geared up to bag road projects from NHAI.