Power News We love to talk!

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

Related News

  • Trial run of 24x7 power to farm sector in Telangana from tonight  Read more
  • Southern Railway gets first solar-panel fitted coach  Read more
  • me<x>tal firms feel coal heat  Read more
  • Tata Power refinances loan for Mundra UMPP  Read more
  • Lanka power link project hits hurdles  Read more
  • Govt to issue ownership rights of 15 coal mines on Mar 23  Read more
  • Staff Paper on Determination/Fixation of generic levellised generation tariff for various Renewable Energy Technologies / Projects for the year 2014 - 15  Read more
  • Maharashtra: Government approves setting up of new transmission systems  Read more
  • Bihar's first smart electric meter installed in Gaya  Read more
  • Clear dues forthwith or supply will be shut off, NTPC warns Tangedco  Read more