GMR Infrastructure reports ₹2341 cr loss in Q4

GMR Infrastructure Limited (GIL) has reported a consolidated net loss of ₹ 2,341.25 crore for the fourth quarter ended March 31, 2019. The company had reported a net profit of ₹4.87 crore in the same quarter of the previous financial year.

Total income during the quarter under review rose by 2.63 per cent to ₹ 2,293.63 crore.

On a consolidated basis, in financial year 2018-2019, the total income was ₹ 8,284.72 crore as against the total income of ₹ 9,274.25 crore during the previous year, registering an decrease of 10.67 per cent.

For the GMR Group, net loss for financial year 2018-2019 widened to ₹ 3,356.29 crore from ₹ 1,114.59 crore in the previous year.

GIL has reported a ₹ 2,212.30 crore loss on impairment of investments in GMR’s Rajahmundry and Chhattisgarh Power Project. This is the reason for loss widening in the quarter and financial year.

“Following Global best practices, the Company has voluntarily chosen to report its investments on a Fair Value basis as per Ind AS as against historical cost basis, pursuant to which, the net worth of GIL (standalone) has been reinstated at ₹ 11,907 crore,” a company statement said.

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