GVK suffers Rs 171 cr loss as 3 power plants remain idle

Total loss for entire 2012-13 fiscal stood at Rs 335.97 crore as compared with net profit of Rs 61.48 crore in FY-12 City-based GVK Power and Infrastructure Limited suffered a whopping Rs 171 crore loss during the fourth quarter ended on March 31, 2013 as its three power plants with combined generation capacity of 919 MW remained idle due to lack of gas supply from KG basin. The company reported a net loss of Rs 20.8 crore in the same period a year ago. The total income during the Q4 also fell 24 per cent to Rs 500 crore from Rs 657.59 crore a year ago. For the entire fiscal 2012-13, the net loss stood at Rs 335.97 crore, against a net profit of Rs 61.48 crore in the previous year. The consolidated income rose marginally during the year to Rs 2,607.65 crore on account of better performance from airports and other divisions. The income was Rs 2,491.83 crore for the previous year. "The loss during the quarter and for the year was mainly attributable to dwindling supply of gas for the power projects as a result of which the plants could not operate at full capacity, interest cost and write-off of receivables," the GVK Group said in a statement. The three gas-based projects which remained idle included 464 MW GVK Gautami Power Limited besides 235 MW Phase I and 220 MW Phase II projects of GVK Industries Limited. These plants registered zero revenues during the quarter as against Rs 288.41 crore business in the same quarter a year ago. The loss was estimated Rs 171.41 crore as compared to Rs 19.20 crore in FY-12 Q4. Consequently, revenues from energy sector fell by 46 per cent to Rs 895.45 crore last fiscal from Rs 1,666.31 crore in the previous year. Airports saved the quarter for GVK group with Mumbai International Airport Limited (MIAL) recording 47 per cent rise in revenue to Rs 470 crore in Q4 from Rs 321.16 crore a year ago. The net profit churned by MIAL also increased to Rs 55.73 crore during the quarter from Rs 32.96 crore a year ago. For the entire fiscal, MIAL's net fall to Rs 154.70 crore from Rs 183.75 crore a year ago. GVK group-owned Bangalore International Airport Limited (BIAL) posted Rs 58.78 crore net profit during quarter and Rs 118.43 crore last fiscal as against Rs 37.52 crore and Rs 178.45 crore respectively in the previous year. In fourth quarter, the BIAL income fell marginally to Rs 155.6 crore from Rs 156.59 crore a year ago. In transportation segment, the group's subsidiary GVK Jaipur Expressway Private Limited recorded revenue of Rs 65.71 crore for the fourth quarter ended on March 31, 2013, as against Rs 58.57 Crore for the corresponding quarter last fiscal, registering an increase of 12 per cent. Traffic rose six per cent over the same period a year ago. For the year, income from operations reached Rs 249.33 crore, up 11 per cent from Rs 223.84 crore a year ago.