GMR Infrastructure Posts Q4 Net Loss Amidst InterGen NV Dissociation
GMR Infrastructure announced a consolidated net loss of Rs 1,006.7 crore for the fourth quarter (Q4) ending March 31, primarily attributed to a one-time loss from the dissociation of its power company, InterGen NV, and operational losses from the Delhi airport.
Delhi Airport Losses
- Losses from Delhi airport operations stood at INR 214 crore for the quarter, largely due to increased capacity costs, including interest charges and depreciation, following the operationalization of Terminal-3 during the financial year.
Revenue Growth
- Net revenue for the quarter surged 74% to INR 1,962 crore, up from INR 1,125 crore in the corresponding period last year.
- Key growth drivers included:
- Revenue from Male airport operations
- Increased traffic at Hyderabad and Delhi airports
- Improved performance of Chennai and Kakinada power plants
Full Year Performance
- The company reported a full-year loss of INR 929 crore for 2010-2011, contrasting with a net profit of INR 158 crore in the previous year.
- Full-year revenue, however, saw a 26% increase to INR 5,773.8 crore, with:
- Airports contributing 41%
- Energy business accounting for 38%
- Highways constituting 7%
Chairman's Statement
- “Though the dissociation of InterGen has resulted in a one-time and non-recurring loss, it has released equity capital of INR 958 crore, enabling us to reinforce our focus and resources on more profitable Indian assets.” - Chairman, GMR Group
- The company also anticipates recovering part of the loss through Island Power, a Singapore-based electric utility.