GVK Power net trails forecast as revenues slide
Fuel shortage at its gas-based power projects has taken a toll on GVK Power and Infrastructure Ltd’s (GVKPIL) quarterly revenues, hurting its net profit.
By ET Bureau |
BANGALORE: Fuel shortage at its gas-based power projects has taken a toll on GVK Power and Infrastructure Ltd’s (GVKPIL) quarterly revenues, hurting its net profit.
The Hyderabad-based company’s net profit for the quarter ended March 31 rose by a less-than-expected 11.15% to Rs 36.80 crore on revenues of Rs 476.35 crore; the company’s quarterly revenues fell 1.65% compared with a year ago.
“The three gas based projects, 464 MW GVK Gautami Power and 235 MW Phase-I and 220 MW Phase-II Projects of GVK Industries Limited, have recorded revenues of Rs 408 crore,” the company said. GVK’s subsidiaries performed better.
GVK Jaipur Expressway Pvt Ltd posted a 10.78% rise in revenues, while Mumbai Airport Ltd and Bangalore Airport Ltd reported rise in revenues of 19% and 16%, respectively.
However, its airport business faces troubles following a Supreme Court directive that Mumbai Airport Ltd will not be allowed to collect an airport development fee.
The Hyderabad-based company’s net profit for the quarter ended March 31 rose by a less-than-expected 11.15% to Rs 36.80 crore on revenues of Rs 476.35 crore; the company’s quarterly revenues fell 1.65% compared with a year ago.
“The three gas based projects, 464 MW GVK Gautami Power and 235 MW Phase-I and 220 MW Phase-II Projects of GVK Industries Limited, have recorded revenues of Rs 408 crore,” the company said. GVK’s subsidiaries performed better.
GVK Jaipur Expressway Pvt Ltd posted a 10.78% rise in revenues, while Mumbai Airport Ltd and Bangalore Airport Ltd reported rise in revenues of 19% and 16%, respectively.
However, its airport business faces troubles following a Supreme Court directive that Mumbai Airport Ltd will not be allowed to collect an airport development fee.
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