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GMR Infra has posted a loss of Rs 457 crore for the second quarter ended September 30, 2019, as against a loss of Rs 334 crore for the corresponding quarter of previous fiscal on a consolidated basis.
The diversified infrastructure company posted gross revenue of Rs 2,018 crore for the second quarter as against Rs 1,904 crore in Q2 of last fiscal.
The company said the value unlocking process at airport business was in the final stage.
"We have received all key approvals including Competition Commission of India and Reserve Bank of India for the Tata, GIC and SSG transaction buying 44.44% stake in the airport platform - GMR Airports Limited. The last process of regulatory clearances from the Government of India are underway and are expected over the next few weeks," the company informed.
Jewar Airport Bid
During the quarter, the company participated in Jewar Airport Bid, and Delhi International Airport Limited (DIAL) submitted the financial bid for the development of Jewar Airport.
DIAL has the right of first refusal (RoFR) to build a second airport within 150 km of Delhi. The financial bid is scheduled to open on November 29, 2019.
GMR said "GMR Energy Limited has entered into exclusive discussions with JSW Energy Limited for potential divestment of its entire stake in GMR Kamalanga Energy Limited (GKEL). GKEL owns and operates a 1050 MW thermal power plant in Odisha."
The company has completed the divestment of Chhattisgarh Power Plant, and the divestiture of the entire stake in GMR Chhattisgarh Energy Ltd has been completed.
Also read:GMR Infra secures competition panel nod for equity investment by Tatas, GIC, others in airports arm
The Delhi Airport traffic remained flat YoY at 17.3 million in Q2FY20 but grew by 10% QoQ indicating the negative impact of Jet Airways was put behind. It generated a cash profit of Rs 135 crore in Q2FY20 vs Rs 88 crore in Q2FY19.
The Hyderabad Airport traffic grew by 3% YoY to 5.4 million in Q2FY20 from 5.3 Mn in Q2FY19. It generated a cash profit of Rs 217 crore in Q2FY20 versus Rs 231 crore in Q2FY19.
Coal
The company’s Indonesia Coal Mine (PT GEMS) sales volume grew by 21% YoY to 5.8 million tons in Q2FY20 from 4.8 mt in Q2FY19. It’s revenue grew by 11% YoY to Rs 1,543 crore in Q2FY20 from Rs 1,395 crore in Q2FY19.
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