GMR Infrastructure Ltd., the infrastructure-holding company of the GMR Group, swung to profit on consolidated basis in the fourth-quarter, due to one-time gain on sale of its subsidiary.
Consolidated Results
The Bangalore-based company posted a fourth-quarter consolidated net profit, after minority interest and share of profit of associates, of Rs.579.17 crore or Re.1.49 per share, compared with a net loss of Rs.366.16 crore or Re.0.94 per share reported in the fourth-quarter of 2012.
Results for the quarter under review included a one-time gain of Rs.1,231.25 crore towards profit on sale of a subsidiary. Results also included charge of Rs.251.37 crore towards loss on impairment of assets in a subsidiary and a charge of Rs.202.61 crore, compared with Rs.162.2 crore towards interest on loans against development fund.
Its quarterly consolidated net income from operations stood at Rs.2,571.07 crore, higher by 22 percent than the Rs.2,099.28 crore in the year-ago quarter, while other income was Rs.21.45 crore, compared with Rs.35.07 crore in the year-ago quarter.
During the quarter, net income from the 'Power' segment was Rs.508.92 crore, while that of 'Airports' segment stood at Rs.1,731crore. Income for the quarter from 'Roads' segment amounted to Rs.182.05 crore, whereas it reported 'Engineering, Procurement and Construction' segment income at Rs.250.30 crore. Income from 'Others' was Rs.132.83 crore.
For the 12 months, the company posted a consolidated net profit of Rs.88.12 crore, compared with a net loss of Rs.603.34 crore for the 12 months in 2012. Net income from operations and other operating income during the year grew by 18 percent to Rs.9,974.86 crore from the Rs.8,473.03 crore last year, while other income stood at Rs.277.19 crore, compared with Rs.243.42 crore in 2012.
Stand-alone Results
The company reported a fourth-quarter stand-alone net profit of Rs.71.43 crore or Re.0.18 per share, compared with a net loss of Rs.38.52 crore or Re.0.10 per share for the quarter ended March 31, 2012. Net income from operations and other income declined by 13 percent to Rs.322.22 crore from the Rs.371.24 crore for the same period in the preceding year.
Results for the quarter included a one-time gain of Rs.75.83 crore, under exceptional items, toward profit on sale of shares by its subsidiary.
GMR Infra's stand-alone net profit for April-March 2013 declined by 56 percent to Rs.53.45 crore from the Rs.120.30 crore in the corresponding period last year. Net income from operations and other income stood at Rs.1,461.37 crore, higher by two percent than the Rs.1,430.28 crore in the 12 months ended March 31 last year.
Its Board recommended a ten percent dividend or Re.0.10 per equity share of Re.1 each for fiscal 2013.
At the BSE, GMR Infra shares are currently trading at Rs.2.95, up Re.0.50 or 2.44 percent on a volume of around 22,50,,000 shares.
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