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GVKPIL cuts losses by 20 pc

Hyderabad, Feb 6 : GVK Power & Infrastructure Limited (GVKPIL) on Thursday announced a consolidated total income from operations of Rs.735.09 crores for the quarter ended Dec 31, 2013, as against Rs. 646.68 crores during the corresponding quarter of the previous year.


GVKPIL declared its unaudited consolidated financial results for the quarter ended Dec, 2013 after its financial results were taken on record by the Board of Directors at its meeting held on Thursday.

GVKPIL's consolidated net loss for the quarter ended Dec 31, 2013 is Rs. 45.43 crore as against a net loss of Rs.57 Crore in the corresponding quarter of the previous year.

The loss during the quarter was attributable mainly due to stoppage of supply of gas for two power plants and reduced supply to one plant as a result of which the plants operated at very low capacity.

The interest cost on the borrowing for the acquisition of stake in Mumbai and Bangalore Airport also has an impact on the consolidated profit.

The Mumbai International Airport Private Limited recorded revenue of Rs. 547.39 Crore for the quarter ended Dec 31, 2013 as against that of Rs. 347.39 Crore for the corresponding quarter of the previous year registering an increase of 58 percent.

Net Profit for the quarter ended Dec 31, 2013 is Rs. 91.51 crore as against Rs.41.74 Crore in the corresponding quarter of the previous year registering an increase of 119 percent.

Bangalore International Airport Limited recorded revenue of Rs. 162.10 Crore for the quarter ended Dec 31, 2013 as against 153.07 Crore for the corresponding quarter of the previous year registering an increase of 6 percent.

Net Profit for the quarter ended Dec 31, 2013 is Rs. 46.59 crore as against Rs.21.50 Crore in the corresponding quarter of the previous year registering an increase of 117 percent.

GVK Jaipur Expressway Private Limited recorded revenue of Rs. 69.22 Crore for the quarter ended Dec 31, 2013 as against Rs. 64.21 Crore for the corresponding quarter of the previous year registering an increase of 8 percent in the revenue in the quarter.

Net Profit for the quarter ended Dec 31, 2013 is Rs. 15.72 crore as against Rs. 7.94 crore in the corresponding quarter of the previous year registering an increase of 98 percent. Traffic increased by 5 percent over the same period.

The three gas based projects i.e., 464 MW GVK Gautami Power Limited and 235 MW Phase I & 220 MW Phase II projects of GVK Industries Limited have recorded revenue of Rs. 97.66 Crs for the quarter ended Dec 31, 2013 as against Rs.237.08 Crore for the corresponding quarter of the previous year.

This reduction is mainly due to stoppage of Gas supply from KG basin to two gas plants and reduced gas supply to one plant.

--IBNS (Posted on 06-02-2014)

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