HYDERABAD: GMRInfrastructure Limited’s consolidated net loss for the quarter finished March 31 narrowed to Rs 1,126.82 crore in opposition to Rs 2,341.24 crore loss in the January-March period of time in FY19, a filing from the firm with the bourses mentioned on Thursday.
The consolidated whole earnings for the quarter less than discussion was at Rs 2,554.21 crore.
It was Rs 2293 crore in Q4FY19, it explained.
For the whole year FY20, GMR noted a total loss of Rs 2,198.49 crore in opposition to Rs 3,466.41 crore in FY19.
Revenues from the airports segment stood at Rs 1,582. 49 crore in opposition to Rs 1,389.58 crore in the fourth quarter of FY19, when the electricity vertical garnered Rs 310.28 crore versus Rs 220.41 crore in Q4FY19.
For the comprehensive year, revenues from airports business enterprise recorded at Rs 6,190.87 crore.
It was Rs 5,371.63 crore in FY19.
The Team has incurred losses generally on account of losses in the vitality and freeway sector with a consequent erosion of its net worth, delay in personal debt and interest servicing and decreased credit ratings for some of its borrowings, GMR mentioned.
The administration is taking various initiatives which includes monetisation of assets, sale of stake in sure assets, increasing funds from money institutions and strategic investors, refinancing of existing credit card debt and other strategic initiatives to deal with the repayment of borrowings and personal debt, it reported.
With the current and swift advancement of the COVID-19 outbreak, several international locations have implemented vacation constraints.
The Group has the vast majority of its subsidiaries, JVs and associates operating in Airport sector, Vitality Sector, Freeway sectors and City Infra sector.
With regard to the impact of the COVID-19 on the business of these entities, GMR thinks it could effect the firms in the short term anddoes not anticipate medium to extended term risk to the company prospects, the infra big explained.