GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 17th August 2018 |
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GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment. Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period. |
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GMR Infra loss widens 72% to Rs 235 cr in Q1
Posted on 16th August 2018 |
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GMR Infrastructure’s net loss on a consolidated basis widened by 72% year-on-year (y-o-y) to Rs 235.14 crore in the quarter ended June 30 on dwindling profits from its airports business and rising losses on the power segment. Revenue in the quarter fell about 33% to Rs 1,876.2 crore from the same period last year. Profits from the company’s flagship airport segment fell 60% y-o-y to Rs 277 crore, notwithstanding the 14% traffic growth in the same period. |
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Vedanta offers Rs 2,500 cr for GMR’s Chhattisgarh thermal power plant
Posted on 14th July 2018 |
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Vedanta quoted the highest offer of Rs 2,500 crore for GMR’s 1,370-MW thermal power plant in Raikheda, Chhattisgarh, sources told FE. The offered price estimates the cost of the plant at Rs 1.8 crore/MW, significantly lower than the Rs 6 crore/MW needed to set up a coal-based power generation asset. Adani Power is said to have quoted the second highest price, but it could not be immediately ascertained. |
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GMR Infra to build commercial port near Kakinada
Posted on 29th June 2018 |
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HYDERABAD: GMR Infrastructure has announced securing the contract to build a greenfield commercial port near Kakinada through the Swiss Challenge mode. In a statement, the infrastructure firm said that the all-weather, deep-draft and multi-cargo port will come up at some 30 km north of Kakinada, located as one of the nodes of the proposed Visakhapatnam-Chennai Industrial Corridor. |
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GMR JV’s international airport terminal in Philippines to start operations from July 1
Posted on 28th June 2018 |
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GMR-Megawide, a 40:60 joint venture between Indian airport operator GMR and the Philippines’ Megawide, is all set to welcome airlines and passengers at its newly-constructed Terminal 2 (T2), the international terminal of the Mactan Cebu International Airport (MCIA), from July 1. The $600-million project is part of the first ‘airport resort’ in the world that GMR-Megawide has been managing since 2015 after winning the concession agreement. |
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GMR Infrastructure struggles to take wing in turbulent skies
Posted on 7th June 2018 |
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GMR Infrastructure Ltd’s two main businesses of energy and airports are still not out of the woods. The company’s shares have fallen by 13% since its March quarter results were declared five days ago. Investors were unimpressed by the auditor’s qualification of a 2,255 crore impairment loss on a stranded power project. Even GMR Infra’s defence that the project has been referred for Special Debt Restructuring, and the onus is now on the bankers, did not help. |
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GMR Infra auditors say group failed to account for `2,250-crore impairment loss
Posted on 1st June 2018 |
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GMR Infrastructure’s auditors SR Batliboi & Associates have observed in the auditor’s report that the group has not accounted for an impairment loss of Rs 2,250 crore in the accompanying consolidated Ind AS financial results for the quarter and year ended March 31, 2018. “In our opinion, the aforesaid accounting treatment is not in accordance with the relevant accounting standards. |
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GMR seeks to restructure portion of its Rs 4,000-crore debt liability
Posted on 20th April 2018 |
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NEW DELHI | MUMBAI: The GMR Group’s promoter holding company is seeking to restructure a portion of its Rs 4,000-crore debt liability as the Bengaluru-based infrastructure firm seeks flexibility in balance sheet to meet future capital requirements of its businesses. More than a dozen lenders — including US private equity giant KKR’s NBFC arm, Yes Bank, Srei Infrastructure, HDFC, L&T and Piramal Group — have either given loan or subscribed to non-convertible debentures (NCD) of the parent. Lenders hold GMR Infra shares as collateral in some cases. |
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Coal scheme gives revival push to GMR, Adani, GVK plants
Posted on 23rd December 2017 |
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The first round of bidding under the central government's SHAKTI scheme for providing coal to private power units would see revival of 10,000 Mw of generation capacity, it is estimated. Among the companies to benefit are Adani Power, Lalitpur (Bajaj Hindustan), KSK Mahanadi, GMR Energy and GVK. These stressed assets had a locked investment of at least Rs 40,000 crore. |
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GMR-Megawide lowest bidder for $250-mn Clark International Airport project
Posted on 16th December 2017 |
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The GMR Group on Friday said it along with its partner Philippines-based Megawide Construction Corporation emerged as the lowest bidder for the $250 million Clark International Airport project in the southeast Asian nation. Clark airport is being developed by Government of Philippines through a hybrid model with EPC and O&M tenders being issued separately. |
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