GVK Q3 loss narrows to Rs 45 crore

GVK Power and Infrastructure on Thursday reported a net loss of Rs 45 crore for the quarter ended December 31, 2013.

The company had reported a net loss of Rs 57 crore for the corresponding quarter of the previous fiscal year.

This is the ninth consecutive quarter when the company has reported loss on a consolidated basis.

According to a filing with bourses, the loss was mainly on account of high interest cost and subdued performance in power business.

However, consolidated net income of the group increased over 16 per cent to Rs 735 crore from Rs 649 crore in the year-ago period, it added.

"There has been uncertainty regarding supplies or availability of gas to power generating plants and power projects under construction, of the group," it said.

"The management is confident of obtaining the requisite gas allocation/recover fixed charges and accordingly believes that the investments in subsidiary, amounting to Rs 1,08,323 lakh (Rs 1,083.23 crore), with carrying value of Rs 2,29,157 lakh (Rs 2,291.57 crore), are recoverable in normal course of business."

According to the filing, the management is also confident of receiving approvals of the lenders for the re-scheduling of project loans, aggregating Rs 1,32,411 lakh (Rs 1,324.11 crore).

The company recorded a revenue of Rs 98 crore from the power segment as against Rs 237 crore in third quarter of FY13 due to non-availability of gas to its power plants.

The company incurred Rs 199 crore towards finance cost during the quarter under review as against Rs 187 crore in the year-ago period.

The company said revenues from airport vertical increased to Rs 568 crore in the quarter under review  as compared to Rs 347 crore in the third quarter of FY13.

GVK currently manages international airports at Mumbai and Bengaluru.