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AUG 13 2013

GVK Power posts Rs 31-cr loss on fuel supply woes

  • Economic Times, ET Bureau / Hyderabad
  • Created: Tue 13th AUG 2013

Shortage of fuel supply to gas-based power plants of GVK Power & Infrastructure Ltd resulted in a loss of Rs 30.59 crore for the first quarter ended June 30, against a loss of Rs 64.30 crore in the corresponding quarter of last year.

Total income from operations was lower at Rs 699.52 crore (Rs 818.55 crore).

The stoppage of gas supply to two of the three plants and reduced supply to another resulted in losses.

However, the airports and transportation verticals performed well. The Mumbai airport logged revenues of Rs 536.06 crore (Rs 326.83 crore), an increase of 64 per cent. The Bangalore airport has income of Rs 160.72 crore (Rs 153.17 crore), a growth of 5 per cent.

While the transportation business recorded revenues of Rs 63.78 crore (Rs 58.51 crore), the energy unit contributed only Rs 86.62 crore as against Rs 433.21 crore.

GVK Reddy, Chairman, said independent power producers are hoping for a miracle to happen to improve the functioning of fuel-starved gas-based plants.

The Alaknanda power has been delayed due to Uttarakhand floods; it is expected to be ready during the second half. The company shares closed at Rs 7.23 on Monday, up 12.27 per cent.

Tags

Uttarakhand Bangalore Mumbai Power

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