Fourth quarter and full year performance of GVK Power & Infrastructure Ltd has been adversely impacted due to losses in the power sector, increase in expenses and interest cost.
The Hyderabad-based diversified infrastructure company has posted a Rs 171-crore loss of the fourth quarter ended March 31, 2013, against loss of Rs 20.88 crore for the corresponding quarter last year.
Income was down at Rs 500.07 crore for the fourth quarter against Rs 657.59 crore for the corresponding quarter last year. The company’s other expenses shot up to Rs 176.19 crore.
Overall performance for the year on a consolidated basis was also impacted. The company posted a loss of Rs 335.97 crore on a turnover of Rs 2607.65 crore for the financial year ended March 31, 2013, against a profit of Rs 61.46 crore on a turnover of Rs 2491.83 crore for the previous financial year.
Gas supplies
The company’s improved performance in the airport business and better numbers from the road sector was adversely impacted due to power sector performance dragging down the numbers.
The airport business registered total revenue of Rs 1,462 crore for the year (Rs 1307.74.52 crore). The gas plants could not function due to stoppage of gas supply from KG Basin. Due to uncertainty of gas supply to the company power plants, the company has initiated steps to ensure gas supplies to existing plants and those under construction.
The management is confident of receiving approval of the lenders for reschedule of project loans aggregating to Rs 1,433 crore. It expects to recover Rs 1,083 crore fixed assets carrying a value of Rs 2361.50 crore. The company has also taken up with the regulator for payments from AP Transco and other trade receivables.
The company shares, which had shot up in the early hours of trading today, shed gains to close at Rs 9.39, up one per cent, on the BSE.