The company had posted consolidated loss of Rs 21.16 crore in the year-ago period, Gammon Infrastructure Projects said in a filing to BSE.
The standalone income during the October-December 2018 period dropped to Rs 8.30 crore, over Rs 67.84 crore in the year-ago period.
Post the acquisition, ICTPL has become subsidiary of company with increased shareholding from 50 percent to 74 percent in the paid up equity share capital if ICTPL.
"Special Resolution pursuant to Section 186 of the Companies Act, 2013 to invest/acquire by way of purchase or otherwise up to 20 per cent of the equity shares of Gammon Infrastructure Projects Limited from its wholly-owned subsidiary Gammon Power Limited.
The company had approved to sale of upto 30 percent of equity shares of Gammon Infrastructure Projects held through its wholly owned subsidiary Gammon Power.
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Gammon Infrastructure will bid for half a dozen projects this fiscal and hopes to win at least two as government backs hybrid annuity model (HAM) for developing road network, a senior company executive said.
The company's Q1 (April-June) net profit was down by 1.7 percent at Rs 5.9 crore, while its total income rose 20.2 percent at Rs 80.9 crore.
The company had posted a standalone net profit of Rs 5.98 crore in the year-ago period, Gammon Infrastructure Projects said in a BSE filing.
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AK Prabhakar of IDBI Capital is of the view that one may sell Gammon Infrastructure Projects.
Brookfield had entered into a share purchase agreement to buy nine assets of the company in August, 2015 out of which six assets were already purchased by Brookfild in the first tranche in February 2016 for Rs 380 crore.
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In an interview KK Mohanty, MD, Gammon Infrastructure, talked about the company's fourth quarter earnings and explained how the company's projects becoming operational will help it service its debts going forward.
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The infrastructure firm had announced to sell stakes in 9 projects valued at Rs 6,750 crore to Brookfield and Core Infra India Fund, a deal that will fetch Rs 563 crore on completion as well as reduce its debt considerably.
In an interview with CNBC-TV18, KK Mohanty, MD of Gammon Infra said that the newly acquired projects can add Rs 175-200 crore to the company's revenue on an annual basis.
Gammon Infrastructure Projects has reported a consolidated total income from operations of Rs 262.06 crore and a net loss of Rs 10.27 crore for the quarter ended Dec '15
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