Latest News | GMR Infrastructure Q1 Net Loss Narrows to Rs 318 Cr

New Delhi, Aug 13 (PTI) GMR Infrastructure Limited on Thursday reported a consolidated net loss of Rs 318 crore for the quarter ended June 30, 2021.

The company had clocked a net loss of Rs 834 crore in the corresponding period of 2020-21, it said in a filing to the BSE.

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Total income during the June 2021 quarter stood at Rs 1,897 crore, compared with Rs 1,224 crore in the year-ago period.

The firm's total expenses rose to Rs 2,331.28 crore as against Rs 2,197.16 crore a year ago.

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Revenue from the airports segment stood at Rs 898 crore in the first quarter of the current financial year, compared to Rs 494.38 crore earlier, while the power vertical garnered Rs 446 crore against Rs 300.59 crore in Q1 FY20.

GMR Infrastructure Limited said the operations of the group, its joint ventures and associates were impacted by the second wave of the COVID-19 pandemic.

However, the management believes that such impacts are short term in nature and it does not anticipate any long term impact on business prospects considering the recovery was seen in past as well as during the later part of the June quarter.

The group, based on its assessment of the business/ economic conditions and liquidity position for the next one year, expects to recover the carrying value of assets. Accordingly, no material adjustments are considered necessary in the consolidated financial results, it added.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)