GMR's Q2 loss widens to Rs 457 crore
Hyderabad: GMR Infrastructure Limited's consolidated net loss for the quarter ended September 30 widened to Rs 457 crore against Rs 334 crore in the July- September period last fiscal.
The consolidated gross revenues for the quarter under discussion was Rs 2,018 crore. It was Rs 1,904 crore in Q2FY19, it said. Revenues from the Airports segment stood at Rs 1,494.
7 crore against Rs 1,315.5 crore in the second quarter of FY19, while the Power vertical garnered Rs 167.4 crore against Rs 178.2 crore in Q2FY19.
Traffic at the Delhi Airport remained flat YoY at 17.3 million in Q2FY20 whereas grew by 10 per cent QoQ indicating the negative impact of Jet Airways is behind the company.
The airport generated cash profit of Rs 135 crore in Q2FY20 vis a vis 88 crore in Q2FY19.
Hyderabad International Airport traffic grew by 3 per cent YoY to 5.4 million in the quarter and generated cash profit of Rs 217 crore.
GMR Group's Airport portfolio has around 159 million passenger capacity in operation and under development, comprising India's busiest Indira Gandhi International Airport in New Delhi, Hyderabad's Rajiv Gandhi International Airport, Mactan Cebu International Airport in partnership with Megawide in the Philippines.
The group's greenfield projects under development includes airport at Mopa in Goa and Heraklion, Crete, Greece in partnership with GEK Terna.
The GMR-Megawide consortium has won the Clark International Airport's EPC project, the second project in the Philippines.
The group recently received Letter of Intent for development and operations of Nagpur Airport on PPP basis and has emerged as the highest bidder for development and operation of greenfield airport at Bhogapuram in Andhra Pradesh.
It is also developing airport cities adjacent to Delhi and Hyderabad airports.
GMR received all key approvals including Competition Commission of India and Reserve Bank of India for the "Tata, GIC and G transaction" of buying 44.44 per cent stake in the airport platform - GMR Airports Limited.