GMR Power and Urban Infra Swings to Strong Profit in September Quarter as Revenue Rises

GMR Power and Urban Infra Ltd. reported a sharp turnaround in the September quarter, posting a consolidated net profit of ₹8.88 billion, more than three times higher than a year earlier. Revenue from operations rose 31% to ₹18.1 billion, and increased 10% from the previous quarter. The company had reported a net loss of ₹78 million in April–June.

Other income slipped to ₹1.12 billion from ₹1.23 billion a year earlier. Total expenditure, excluding finance costs, rose to ₹14.47 billion from ₹9.68 billion, while finance costs increased to ₹4.46 billion from ₹3.65 billion. The company recorded a tax write-back of ₹296.7 million, compared with ₹104.2 million a year ago.

For the six months to September, net profit fell 40.5% to ₹8.81 billion, although revenue rose 15.5% to ₹34.59 billion.

The company added that it will provide a corporate guarantee for refinancing a credit facility of around ₹29.70 billion to be availed by its subsidiary, GMR Kamalanga Energy Ltd., from Power Finance Corp. or any other lender.