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GVK Power reports Rs 64.3 crore net loss in Q1

Press Trust of India/Mumbai 08 Aug 12 | 06:52 PM
 GVK Power & Infrastructure Ltd
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GVK Power and Infrastructure today reported a consolidated net loss of Rs 64.30 crore for the quarter ended June 30,
2012, largely due to higher outgo on interest payments and tax expenses.

This has been the third consecutive quarter in which the Hyderabad-based firm has reported a consolidated net loss. In the previous quarter,
ended March 31, 2012, the company had reported a net loss of Rs 20.88 crore.

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Year-on-year, the company had reported a net profit of Rs 58.92 crore during the April-June quarter of 2011-12.

"The loss during the quarter was attributable mainly to the restricted supply of gas for the power projects as a result of which the plants
did not operate at full capacity, loss on account of foreign exchange fluctuations and interest cost," GVK Power said in a statement.

Net sales of the company, however, was up 33.68% to Rs 818.55 crore during the April-June period as it was aided by a revenue of Rs
326.83 crore from its airport business. The company operates Mumbai and Bangalore international airports.

The power-to-roads-to-airports-to-natural resources conglomerate had reported a net sales of Rs 612.31 crore during the corresponding quarter
of FY12.

During the quarter, company's interest outgo increased by 2.72 times to Rs 180 crore, while its tax expenses rose by nearly three times to Rs
26.55 crore.

According to the company, it has a power generation capacity of 914 MW currently, while nearly 5,000 MW is currently under construction.

However, lower gas supplies to its power plants pulled down company's revenues from the power business by more than 22% to Rs 433.21
crore as compared to a revenue of Rs 559.32 crore in the year-ago period.

Besides, airports business reported a revenue of Rs 326.83 crore. Roads and Highways segment generated Rs 58.51 crore revenues in the
quarter.

During the quarter, GVK also secured nod of environmental approval from Australia's Queensland government for its Alpha Coal and Rail
Project, it said. Besides, its rail corridor there was also selected for connecting Galilee Basin to Abbot Point Port by the local government
during the quarter, it added.

Shares of the company today fell by 5.10% to close at Rs 12.83 apiece on the BSE.

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