GMR Infrastructure posts Rs 366 crore loss in Q4

NEW DELHI: GMR Infrastructure today reported a consolidated net loss of Rs 366.16 crore for the January- March quarter of the last fiscal, hit by losses incurred by its subsidiary DIAL, which is the operator of Delhi Airport.

However, the losses have narrowed down by about 64 per cent in the fourth quarter as compared to loss of Rs 1,006.74 crore of the January-March period of FY'11.

"Delay in tariff revisions on Delhi Airport has led to DIAL reporting a loss of Rs 573 crore in 2011-12. It was an exceptional situation," GMR's group Chief Financial Officer A Subbarao told PTI.

Stating that Airport Economic Regulatory Authority (AERA) has notified the revision in tariff rates, including User Development Fees, for Delhi Airport from May 15, he said that "overall situation will be much more different post revision. All of this (DIAL making losses) would be history."

According to the AERA order, the tariff revision amounts to 346 per cent increase in airport charges for two years.

"With that (revision of tariffs), we are looking to overcome some of the losses. It will begin from the current quarter but full impact will be visible from July-September quarter onwards," he said.

GMR's net sales during the fourth quarter were also down 2.58 per cent to Rs 2,099.28 crore, largely due to non-recognition of Rs 100 crore from National Aviation Company of India (NACIL) in the airport division and drop in power sector revenue due to gas shortage.

"We don't know how long we will have to wait for gas. It's a kind of force majeure situation. Our units were running at 45 per cent plant load factor (PLF)," he said.