GMR Power down 5% on registering loss for June quarter

The company reported a consolidated net loss of Rs 217.75 crore in the June quarter as against a net profit of Rs 201.67 crore a year ago.

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Shares of GMR Power and Urban Infrastructure fell 5 percent on August 10 as a dull earnings performance during the June quarter triggered selling in the stock. At 9:56 am, shares of the company were trading 3.2 percent lower at Rs 20.70 on the BSE.

The company reported a consolidated net loss of Rs 217.75 crore in the June quarter as against a net profit of Rs 201.67 crore a year ago.

Though, revenue is up 5.2 percent YoY at Rs 1,124.22 crore and EBITDA also rose nearly 5 percent to Rs 152.49 crore. Operating margin was stable at 13.56 percent as compared with 13.63 percent in the corresponding quarter last fiscal.

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The company’s net debt reduced by approximately Rs 2,720 crore on year. Currently, it stood at Rs 5,100 crore, the company’s investor presentation showed.

Analysts have said asset divestments and monetisation of land parcels, and arbitration claims received in favour of GMR Power has resulted in prepayment of corporate debt and overall improvement in the FY23 financial performance.

GMR Power and Urban Infra is a diversified infrastructure player and a subsidiary of GMR Enterprises, holds expertise in the sectors of Energy, Urban Infrastructure and Transportation.