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GVK Power & Infrastructure Ltd has posted a loss of ₹279.06 crore during the third quarter ended December 31, 2015, against a loss of ₹209.12 crore for the corresponding quarter last year on a consolidated basis.
The diversified infrastructure company, however, registered growth in its revenues for the third quarter at ₹1015.96 crore, up 28.3 per cent, against ₹791.92 crore for the corresponding quarter last year.
For the nine months ended December 2015, the company posted a loss of ₹526.48 crore and income of ₹3083.31 crore. In the last financial year ended March 31, 2015, the company had closed with a loss of ₹834.68 crore and income of ₹3049.65 crore.
The company’s performance has been impacted due to uncertainty of availability and supply of gas to power plants of the group.
The subsidiaries engaged in the business have made losses.
In a BSE filing, GVK Reddy, Chairman, has mentioned the company has made investments aggregating to ₹358.27 crore as of March 2015 by way of advances, subscription of shares and share application money and commitments aggregating to ₹7169.84 crore as of March 2015 to lenders of GVK Coal Singapore, an entity where GVK owns 10 per cent. GVK Coal has borrowed ₹7169.84 crore against these guarantees and commitments.
GVK Coal is under a development phase and is making losses and its current liabilities exceed current assets by $885 million.
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