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

Related Stories

Hi There!

Now get regular updates from CW Magazine on WhatsApp!

Click on link below, message us with a simple hi, and SAVE our number

You will have subscribed to our Construction News on Whatsapp! Enjoy

+91 86574 75330

Reach out to us

Call us at +91 8108603000 or

Schedule a Call Back