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GMR loss nearly doubles to Rs 593 cr
GMR Infrastructure Limited on Thursday reported Rs 593-crore net loss during the first quarter ended on June 30 on account of rising losses in its energy business.
Hyderabad: GMR Infrastructure Limited on Thursday reported Rs 593-crore net loss during the first quarter ended on June 30 on account of rising losses in its energy business. The loss was 82 per cent higher than Rs 326-crore net loss the infrastructure major posted in the corresponding quarter a year ago. However, total revenues for the quarter went up by 4 per cent to Rs 2,731 crore from Rs 2,635 crore a year ago. The company attributed the rise in revenues to energy business which saw improved performance from Kamalanga and EMCO power plants.
"The highlight of the first quarter was the budget announcement which clearly recognized infrastructure as the key pillar for economic revival. Group will continue to focus on operational excellence and strengthening of balance sheet through deleveraging by way of our Asset Light Asset Right Strategy," said G M Rao, Chairman, GMR Group. Going forward, the Group will explore refinancing of the debt in line with recent RBI policy announcement for infrastructure financing, he added.The total revenues from airport business stood at Rs 1,289 crore down from Rs 1,395 crore a year ago. However, losses from this business came down to Rs 27 crore from Rs 68 crore last year. The revenues from energy segment increased to Rs 1,153 crore from Rs 932 crore a year ago. But net losses widened to Rs 500 crore from Rs 368 crore a year ago.
Cipla net dips 39%
New Delhi: Drug major Cipla on Thursday reported a 39.30 per cent dip in its consolidated net profit at Rs 294.58 crore for the quarter ended June 30, 2104 mainly on account of an increase in expenses. The company had posted a net profit of Rs 485.35 crore for the corresponding period last fiscal, Cipla said in a statement.
Consolidated net sales of the company rose to Rs 2,647.20 crore for the quarter under consideration as against Rs 2,331.22 crore a year ago.
RCom net at Rs.132 cr
Mumbai: Telecom operator Reliance Communications Thursday posted over 22 per cent increase in consolidated net profit at Rs 132 crore for the first quarter ended June 30, 2014. It reported a net profit of Rs 108 crore in the same quarter last fiscal. RCom registered marginal increase in its consolidated income from operations at Rs 5,354 crore during the reported quarter from Rs 5,315 crore a year ago.
