GMR Infrastructure reports net profit of Rs. 579 crore
Bangalore-based infrastructure major, GMR Infrastructure Limited has said that it has recorded a net profit of Rs 579 crore during the fourth quarter till March 31, 2013.
The company had recorded a net loss of Rs. 366 crore during the same quarter of the previous financial year. The company recorded a profit after it sold its 70 per cent stake in GMR Energy Singapore Pte Limited (GESPL) to FPM Power Holding Limited in a deal valued at Rs. 1,231.25 crore.
The company’s net sale rose 22.48 per cent to Rs. 2,571 crore during the quarter form January to March, 2103 compared to Rs. 2,099 crore during the same quarter of the previous year.
The operating profit of the company increased 10.6 times to Rs. 489 crore in the quarter compared to Rs. 46 crore recorded in the fourth quarter of financial year 2011-2012. The company said that its finance costs rose 31 per cent to Rs. 608 crore during the quarter compared to Rs. 465 crore in the same quarter of the previous year. The company also took taken a benefit of Rs. 202 crore from asset write off in its subsidiary, GMR Male International Airport Private Limited.
As for the entire financial year, the company recorded a net profit of Rs. 88 crore as against a net loss of Rs. 603 crore while its sales revenue rose 18.8 per cent to Rs. 9,872 crore as against Rs. 8,320 crore in the previous year.