Bangalore: Buoyed by Rs 1,231 crore gain on selling majority stake in a subsidiary, GMR Infrastructure bounced back in the black, reporting consolidated net profit of Rs 519.17 crore for the January-March quarter. (Agencies)
The city-based firm, which has interests in areas like airports, power and roads, had clocked Rs 355.16 crore loss in the corresponding quarter of 2011-12 fiscal, GMR Group Chief Financial Officer Madhu Terdal told reporters.
He said that even without considering gains from the sale of GMR Energy Singapore Pvt Ltd the losses would have come down from Rs 1,085 crore to Rs 603 crore.
"That itself is an improvement of more than Rs 400 crore ...and this is significantly on the back of improvement of our Delhi and Hyderabad airports," Terdal added.
Except for the energy, which continues to lag behind, the airport sector has shown significant revenues and profit, he said.
On further sell-offs, Terdal said GMR is not pursuing divestment for the sake of it. "It has chosen certain sectors and areas where we have maximised our revenues or value. Or where there is no chance of improvement at all. So only those select assets would be there."
Terdal further said the company is focusing on a couple of roads and some investors were seriously looking at it.
"Some investors have shown interest in Turkey airport, but we are yet to take a very significant call on it. But for that we do not have any readymade list that we want to go about. But if we have very significant investor who is ready to pay a good value we will be able to look at it," he said.
Asked how positive is the company following the gas discovery in KG-D6 block by RIL-BP, Terdal said GMR is very happy at the development which should help the company group to turn around the corner.
"We believe that some significant development should happen in next six months or so. Then, I think our entire problems will be solved," he said.
On discussions with Finance Minister P Chidambaram to clear roadblocks in projects, Terdal said the minister has taken note of issues pertaining to environmental clearance, land acquisitions and bank hurdles in getting loans.
"The banking have been advised to support the infrastructure industry in general so we are hoping that a very positive cooperation is emerging between the infrastructure and banking industries," he added.
Bangalore: Buoyed by Rs 1,231 crore gain on selling majority stake in a subsidiary, GMR Infrastructure bounced back in the black, reporting consolidated net profit of Rs 519.17 crore for the January-March quarter.