GMR Infrastructure suffers Rs 561 cr loss in Q3

GMR Infrastructure Limited has said it suffered Rs 561.04 crore loss for the quarter ended December 31, 2018 against Rs 578.40 crore loss for the same quarter in FY18.

According to a regulatory notice filed Thursday night, the infra major said the total income during the quarter under discussion stood at Rs 2,119.87 crore down from Rs 2,276 crore in Q3FY18.

The power vertical of the group continues to be reeling under losses with Rs 184.48 crore during the third quarter offsetting Rs 364.74 crore profit for the airports segment.

"The group has incurred losses primarily on account of losses in the energy and highway sector with a consequent erosion of its net worth and lower credit ratings for some of its borrowings," GMR said.

The management is taking various initiatives including monetisation of assets, raising finances from financial institutions and strategic investors, refinancing of existing debt and other strategic initiatives to address the repayment of borrowings and debt servicing in the next 12 months and to create sustainable cash flows, it added.

The airports business generated Rs 1,358.38 crore revenues during the third quarter while power segment revenues stood at Rs 145.74 crore down from Rs 430.54 corre in Q3FY18.

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GMR currently runs international airports in Delhi and Hyderabad in India and in the process of constructing one in Goa.

The group along with Mewawide Constructions runs an international airport in the Philippines.