GMR Infrastructure Ltd on Wednesday reported narrowing of its consolidated net loss to Rs 515.34 crore for the quarter ended in December 2021 against that of Rs 1,120.51 crore in the year-ago period, according to a regulatory filing.
The consolidated income from operations in the quarter under review rose to Rs 1,437.84 crore from Rs 963 crore in the same period a year ago.
The company's total expenses climbed to Rs 1,387.10 crore in the December quarter as against Rs 1,370.37 crore in the year-ago period.
GMR Infrastructure said the operations of the group were impacted by the Covid-19 pandemic and while the management believes that such impacts are short-term in nature and does not anticipate any long-term impact on business prospects considering the recovery was seen in past as well as during the current quarter.
''The Group based on its assessment of the business/ economic conditions and liquidity position for the next one year, expects to recover the carrying value of assets, and accordingly no material adjustments are considered necessary in the consolidated financial results,'' it said.
According to the company, Delhi International Airport Limited (DIAL) has issued various communications to AAI from the month of March 2020 onwards, informing AAl that consequent to outbreak of Covid-19, the entire aviation industry, particularly the IGI Airport has been adversely affected.
''It was specifically communicated that the said crisis has materially and adversely affected the business of DIAL which in turn directly impacts the performance of DIAL's obligations under the OMDA (including obligation to pay Annual Fee/Monthly Annual Fee) while it is continuing to perform its obligation to operate, maintain and manage the IGI Airport,'' GMR Infrastructure said.
It said the group had signed definitive securities sale and purchase agreement on September 24, 2020 which had been subsequently amended on March 31, 2021, for the sale of entire 51 per cent equity stake owned by its wholly-owned subsidiary GMR SEZ & Port Holdings Limited in Kakinacla SEZ Limited (KSEZ ) to Aurobindo Realty and Infrastructure Private Limited (ARlPL).
''As part of the transfer of stake of KSEZ, the 74 per cent equity stake of Kakinada Gateway Port Limited held by KSEZ has also been transferred to ARlPL,'' GMR Infrastructure said.
(With inputs from PTI)
