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GMR's Q2 loss widens to Rs 457 crore despite higher revenue

New Delhi [India], Nov 15 (ANI): GMR Infrastructure Ltd has reported a consolidated net loss for the second fiscal quarter ending September at Rs 457 crore against Rs 334 crore in the corresponding period of previous fiscal.

This was despite gross revenues moving up to Rs 2,018 crore from Rs 1,904 crore in Q2 FY19.

Revenues from the airports segment stood at Rs 1,495 crore against Rs 1,316 crore while the power vertical garnered Rs 167 crore against Rs 178 crore in the same period.

GMR said that traffic at Delhi airport remained flat at 17.3 million in Q2 FY20 whereas it grew by 10 per cent quarter-on-quarter, indicating the negative impact of Jet Airways is over. The airport generated cash profit of Rs 135 crore in Q2 FY20 as compared to Rs 88 crore in Q2 FY19.

Hyderabad airport traffic grew by 3 per cent to 5.4 million in the quarter and generated cash profit of Rs 217 crore.

The company said it has got all key approvals including from the Competition Commission of India and the Reserve Bank of India for the Tata, GIC and SSG transaction, buying 44.44 per cent stake in GMR Airports Ltd. The last process of regulatory clearances is expected over the next few weeks.

The group's energy business has a portfolio of about 5,060 megawatts of which 3,060 MW of coal, gas and renewable plants are operational and around 2,000 MW of power projects are under various stages of construction and development. The group also has coal mines in Indonesia where it has partnered with a large local player.

The transportation and urban infrastructure division has six operating highways project spanning over 2,000 lane km. The group has a large engineering, procurement and construction order book of railway track construction including the government's marquee Dedicated Freight Corridor project.

It is also developing multi-product special investment regions spread across 2,100 acres at Krishnagiri in Tamil Nadu and 10,400 acres at Kakinada in Andhra Pradesh.

(ANI)