GVK Power & Infrastructure reported a consolidated net loss of Rs 45.43 crore in the December quarter, against a net loss of Rs 57 crore in the corresponding quarter of the previous fiscal.
The loss during the quarter was attributable mainly to the stoppage of supply of gas for two power plants and reduced supply to one plant, resulting in plants operating at a very low capacity. The interest cost on the borrowing for the acquisition of stake in Mumbai and Bangalore Airport also had an impact on the consolidated profit.
The consolidated total income from operations stood at Rs 735.09 crore, against Rs 646.68 crore a year ago. The company said that interest costs rose 7% to R198.9 crore.
In the energy segment, the three gas-based projects, 464 MW GVK Gautami Power and 235 MW Phase I & 220 MW Phase II projects of GVK Industries, recorded revenues of R97.66 crore, against R237.08 crore for the corresponding quarter of the previous year. This reduction was mainly due to stoppage of gas supply from KG basin to two plants and reduced supply to one plant.
The Mumbai International Airport recorded revenue of R547.39 crore against R347.39 crore for the corresponding quarter of the previous year, an increase of 58%. Net profit stood at R91.51 crore against R41.74 crore, an increase of 119%. The Bangalore International Airport recorded a revenue of R162.10 crore against R153.07 crore, a rise of 6%. Net profit stood at R46.59 crore against R21.50 crore, an increase of 117%.