GMR Infra Q1 net loss widens

GMR Infra Q1 net loss widens
Highlights

GMR Infrastructure Ltd on Wednesday reported widening of net loss at Rs 23514 crore in the first quarter ended June 30, 2018 The company had posted a net loss of Rs 1366 crore in the same quarter last fiscal, GMR Infrastructure said

New Delhi: GMR Infrastructure Ltd on Wednesday reported widening of net loss at Rs 235.14 crore in the first quarter ended June 30, 2018. The company had posted a net loss of Rs 136.6 crore in the same quarter last fiscal, GMR Infrastructure said. The company also said its board in a meeting held on Tuesday has approved raising a total fund of up to Rs 2,950 crore through issue of shares or equity linked instrument and optionally convertible debentures.

Income from operations during the first quarter this fiscal stood at Rs 1,648.04 crore. It was Rs 2,572.86 crore in the year-ago period. Revenue from airports business was at Rs 1,246.77 crore as against Rs 1,892.79 crore in the same period last fiscal, it said. Power segment posted a revenue of Rs 72.92 crore as compared to Rs 374.51 crore in the first quarter last year, while the EPC vertical clocked Rs 229.67 crore as against Rs 223.42 crore in the year-ago quarter, it added.

Roads business had a revenue of Rs 144.51 crore during the first quarter as against Rs 142.45 crore in the same period a year ago, the company said. On the fund raising, the company said its board has approved raising up to Rs 2,500 crore in one or more tranches through issue of equity shares or equity linked instruments, debentures or any other securities.

Besides, the board also gave nod to raise up to Rs 450 crore in one or more tranches through issue of optionally convertible debentures (OCDs). These will be subject to shareholders' approval, it added.

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