GVK Power & Infrastructure Ltd has posted a net loss of ₹123.92 crore for the first quarter ended June 30, 2015 compared with a net loss of ₹281.33 crore for the corresponding quarter last year on a consolidated basis.
Income increased to ₹999.03 crore (₹712.67 crore). The net loss was attributed to restricted supply of gas for Jegurupadu Phase-I and Gautami Power Plant and nil supply to Jegurupadu Phase-II Power Plant and higher interest cost on acquisition loans.
In the airports segment, while Mumbai International Airport Pvt Ltd recorded revenue of ₹662.94 crore, up 18.16 per cent, against ₹561.06 crore previously, Bangalore International Airport Ltd recorded revenue of ₹264.27 crore, up 44.57 per cent over ₹182.80 crore.
PT GVK Services BALI recorded revenue of ₹11.78 crore (₹6.92 crore). GVK Jaipur Expressway Pvt Ltd recorded revenue of ₹81.38 crore (₹70.54 crore).
The company commenced commercial operations of 330-MWAlaknanda Hydro Power Company Ltd during the quarter.
GVK Power & Infrastructure said the shareholding of PE investors — 3i India Infrastructure, Actis Infrastructure India PCC Ltd and Indivest PTE Ltd — in it subsidiary GVK Energy Ltd has gone up from 26.06 to 37.20 per cent following conversion of debentures.
This was consequent to conversion of cumulative convertible preference shares into equity shares of ₹10 each held by these investors. Post this conversion, shareholding of GVK PIL in GVK Energy has come down from 73.94 to 62.80 per cent.
Earlier in the day, GV Krishna Reddy, Chairman of GVK, told the company shareholders that is subsidiary GVK Airport Holding will soon file a Draft Red Herring Prospectus for an Initial Public Offer.
While the details would be announced shortly, the IPO proceeds are aimed at retiring debt of about ₹2,500 crore. The company has other options to raise funds, including a QIP issue.
On Thursday, GVK shares closed at ₹8.42, down 4 per cent, on the BSE.