GMR Infrastructure Ltd has posted a loss of ₹834 crore for the first quarter ended June 30, 2020 as against a loss of ₹335 crore recorded in the corresponding quarter last year.

The diversified infrastructure company registered a steep drop in revenue at ₹1,134 crore for the first quarter due to Covid-19 lockdown as against ₹1,992 crore for the same quarter of corresponding period last fiscal.

GMR’s businesses, which have been impacted by the lockdown measures, are gradually showing signs of recovery.

Restrictions on operation of domestic flights impacted the company’s performance. Closure of scheduled operations till May 24 and the subsequent lower capacity deployment on account of the pandemic significantly impacted the quarterly results.

Airport traffic

The Delhi airport traffic decreased 92 per cent YoY to 1.23 Mn in Q1FY21 and net revenue fell by 61 per cent YoY to ₹190 crore in Q1FY21 from ₹488 crore in the same period last year.

Capacity expansion work of increasing the capacity from 66 mn to 100 mn PAX is progressing with current focus only on essential capex to complete the work started in pre-Covid period. The construction work has resumed post restrictions were lifted.

The Hyderabad airport traffic declined 95 per cent YoY to 0.3 Mn in Q4FY21 from 5.6 Mn in Q1FY20 and the net revenues fell by 89 per cent YoY to ₹41 crore in Q1FY21 from ₹365 crore in Q1FY20. Expansion work of increasing the capacity from 12 mn to 34 mn per annum is progressing with current focus on essential capex to complete the work started in pre-Covid period.

The performance of both the power sector business and the highways segment was impacted due to the lockdown resulting in lower business.

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