GMR Infra Q4 loss drops to Rs 725 crore; gross income at Rs 2 321 Cr

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The diversified conglomerate GMR Infrastucture recorded a consolidated loss of Rs 725 crore for the January-March quarter, against a loss of Rs 1,127 crore during the period of the previous year.

It posted gross revenue of Rs 2,321 crore in Q4 FY21 versus Rs 2,349 crore in Q4 FY20.

In the whole of fiscal year 2020-21, the company recorded a higher total loss of Rs 3,428 crore and revenues of less than Rs 6,229 crore against a loss of Rs 2,198 crore and revenues of Rs 8,556 crore in 2019-2020.

GMR Infra has interests in airports, energy, transport and urban infrastructure. Its overall performance has been affected due to the COVID-19 pandemic.

The company said it was taking various initiatives, including monetizing assets, selling stakes in certain assets, raising funds from financial institutions and strategic investors, refinancing existing debt and other strategic initiatives to settle loan and debt repayment.

Since May 2020, date of the lifting of restrictions on domestic flight operations, airport activities have experienced a significant traction in traffic.

February 2021 was the best month after the first wave of Covid, when passenger traffic reached 60% of pre-Covid levels at Delhi airport and 64% at Hyderabad airport.

“We are now experiencing a recovery in traffic from last week in May and a continued recovery in June,” the company said in a statement.

“We expect trafficking to accelerate with the downward trend in covid cases, the lifting of government restrictions on airline capacity and the acceleration of the vaccination rate.”

In the energy sector, demand for electricity and coal supply are improving as lockdown eases, resulting in higher plant load factors.

While traffic on the Hyderabad Vijayawada Expressway increased 16% year-on-year to 11 million in the fourth quarter of FY21, the average daily traffic volume decreased 36% month-on-month in May due of foreclosure, but increased 9% in one month. -on the month of June when the lockdown eased.

Traffic on the Ambala Chandigarh highway has been suspended since October 12, 2020 due to the agitation of farmers.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is automatically generated from a syndicated feed.)

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