GMR Infra’s standalone net loss widens to Rs 2,479 crore
GMR Infrastructure’s standalone net loss widened to Rs 2,478.7 crore for the quarter ended March 2017, mainly due to change in accounting norms.
“This loss what you are seeing is more of accounting entry or accounting adjustment,” GMR Group CFO Madhu Terdal told.
The company had posted a standalone net loss of Rs 1,787 crore in the corresponding quarter a year ago. Its standalone total revenue declined to Rs 272.47 crore as compared to Rs 395.25 crore in the year-ago period.
When asked whether the widening of losses was also due to fall in total revenue, he said, “Ind AS (Indian Accounting Standards) effect has made a lot of difference in the way we consider the revenues.” Gross debt reduced to Rs 19,856 crore from Rs 37,480 crore, which reflects GMR’s turnaround efforts and improvement of financial health of the group, it said.
“With significant reduction of gross and net debt and the improvement of debt-to-EBITDA improving more than 100%, GMR has substantially brought down its leverage,” it said. There has been “significant improvement in EBITDA – an increase of 12% to Rs 3,497 crore for FY2016-17 from Rs 3,114 crore for FY2015-16 following a robust improvement in performance of airports and energy verticals,” …read more