GMR Infra incurs Rs 892 cr net loss in Q4
GMR Infrastructure has reported a consolidated net loss of Rs 892 crore for the quarter ended March 31, 2015, impacted by various charges including higher finance costs.
The infrastructure giant with interests in airports, energy and highways had reported Rs 1,170 crore net profit for the January-March quarter of the 2013-14 fiscal.
During the fourth quarter of 2014-15, the company saw its finance cost climb to Rs 967.61 crore and incurred other charges including loss on account of provision towards claims recoverable. Its finance cost in the <g data-gr-id="15">year ago</g> quarter was Rs 918.51 crore. In the comparable period, the company had reported net profit mainly on account of one-time profit of nearly Rs 1,659 crore from sale of “jointly controlled entities”. According to filing made to stock exchanges, GMR’s income from operations for the January-March quarter declined to Rs 2,872 crore as against Rs 2,930 crore in the year-ago period.
Its total expenditure stood at Rs 2,648 crore during the quarter under review, as against Rs 2,707 crore in the same period of the previous fiscal. For the full fiscal 2014-15, GMR Infra recorded consolidated net loss of Rs 2,733 crore. It had recorded a profit of Rs 10 crore in 2013-14.
Sebi asks GMR Infra to restate accounts
With Sebi directing GMR Infrastructure to restate accounts for previous two fiscals, the company said it has made “requisite adjustments” in the financial results for the year ended March 2015. A diversified group with interests in airports, highways and energy, GMR Infrastructure has reported a net loss of Rs 2,733 crore for the financial year 2014-15. While announcing its results for the fiscal ended March 2015, the company said it has been asked by the Securities and Exchange Board of India (Sebi) to restate accounts for two financial years -- 2012-13 and 2013-14. “... Sebi has advised the company to restate financial results for <g data-gr-id="35">financial year</g> 2012-13 and 2013-14 and the effect of these restatement adjustments may be carried out in the annual accounts of the financial year 2014-15,” the company said in the notes to the latest consolidated results.