GMR Infrastructure records net consolidated loss of Rs 169.21 cr in Q2
ECONOMY & POLICY

GMR Infrastructure records net consolidated loss of Rs 169.21 cr in Q2

GMR Infrastructure Limited reported a consolidated net loss of Rs 169.21 crore during the second quarter (Q2) of FY22 on 30 September 2021.

The company told the media that it reported a consolidated net loss of Rs 750.03 crore in the same period last year. Its business segment consists of airports, roads and power.

GMR Infrastructure's total income during July-September 2021 had increased to Rs 2,135.49 crore against Rs 1,448.08 crore last year during the same period.

The company carries on with its business through various subsidiaries, joint ventures, joint operations and associates, being special purpose vehicles (SPVs) for various infrastructure projects.

The operations of the company with its joint ventures and associates were impacted by the second wave of Covid-19 pandemic, it said.

The company's management team believes that the impact was short-lived and does not anticipate any long-term impact on business prospects considering the recovery in FY22.

It said that based on its business conditions and liquidity for the next year, it expects to recover the carrying value of assets, and no material adjustments are considered in the consolidated financial results.

It added that the impact of the Covid-19 pandemic might be different from the estimated since the date of approval of the consolidated financial results, and the company will closely monitor any material change to future business conditions.

Image Source

GMR Infrastructure Limited reported a consolidated net loss of Rs 169.21 crore during the second quarter (Q2) of FY22 on 30 September 2021. The company told the media that it reported a consolidated net loss of Rs 750.03 crore in the same period last year. Its business segment consists of airports, roads and power. GMR Infrastructure's total income during July-September 2021 had increased to Rs 2,135.49 crore against Rs 1,448.08 crore last year during the same period. The company carries on with its business through various subsidiaries, joint ventures, joint operations and associates, being special purpose vehicles (SPVs) for various infrastructure projects. The operations of the company with its joint ventures and associates were impacted by the second wave of Covid-19 pandemic, it said. The company's management team believes that the impact was short-lived and does not anticipate any long-term impact on business prospects considering the recovery in FY22. It said that based on its business conditions and liquidity for the next year, it expects to recover the carrying value of assets, and no material adjustments are considered in the consolidated financial results. It added that the impact of the Covid-19 pandemic might be different from the estimated since the date of approval of the consolidated financial results, and the company will closely monitor any material change to future business conditions. Image Source

Next Story
Infrastructure Urban

Infrastructure Opportunity Outlook by IMPACCT.Info

India’s infrastructure pipeline is witnessing dynamic activity across stages — from immediate bidding to future planning. IMPACCT segments these into three categories: Immediate, 3–6 Month, and Future Opportunities, enabling businesses to identify, prepare, and participate in high-value tenders and projects across sectors...To read the full article Click Here..

Next Story
Real Estate

Serene Communities, Prathima Group Invest Rs 4 billion in Hyderabad

Serene Communities by Columbia Pacific, India’s largest senior living operator, has partnered with Prathima Group to develop two senior living projects in Hyderabad, marking its entry into Telangana. The collaboration represents an investment of Rs 4 billion, combining Serene’s international expertise with Prathima’s local development experience. The first project, Serene BILVANI One, launched in Shankarpally, is Hyderabad’s first premium senior living community. Designed for independent and active ageing, it features senior-friendly architecture, barrier-free design, and wellness..

Next Story
Infrastructure Urban

India remains our most important market

Foundamental, the world’s leading venture capital platform focused on the project economy, has launched its third fund to strengthen its presence in India, APAC, and other global markets. Led by Berlin-based Managing Partners Shubhankar Bhattacharya and Patric Hellermann, Fund III aims for a final close by the end of 2025. In an exclusive interaction with CW, Bhattacharya shares insights on the fund’s mandate, India’s role in their strategy, and the opportunities they see in the construction-tech and project-based sectors. Can you briefly explain Fund III’s mandate and how In..

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Talk to us?