GMR Infrastructure posts 40 per cent lower Q2 net profit
27 Oct 2009
GMR Infrastructure on Tuesday, reported a 40 per cent decline in its consolidated net profit at Rs53.61 crore for the second quarter ended 30 September, 2009.
In a filing to the Bombay Stock Exchange the firm said it had a net profit of Rs90 crore during the September quarter of the fiscal.
The company reported a total income which of Rs1,209.76 crore during the July-September period of the current fiscal as against Rs856.59 crore in the same period last year.
The company has also said in the filing that the company's board has approved raising of Rs1,000 crore through the issue of preference shares, subject to shareholders' approval.
On a standalone basis, GMR Infrastructure reported a 53.74 per cent fall in net profit at Rs11.19 crore for the September quarter. The company's total income rose to Rs43.36 crore during the period, from Rs40.72 crore in the year-ago period.
According to GMR Group chairman GM Rao, the company was continuing its focus on building business and during the second quarter it has acquired 100 per cent ownership interest for 600 MW Thermal Power plant from Emco Energy. He added that overall the company's performance had been to its expectations.
GMR Group is a Bangalore headquartered global infrastructure major with interests in infrastructure and agri-business. Founded in 1978, the group is well diversified with core businesses in the sectors of infrastructure comprising of airports, energy, highways and urban infrastructure. It also has a presence in agri-business sector with sugar as its main product line.
Having proven its credentials as a leading infrastructure conglomerate in India GMR is expanding its operations globally for which it has formed a separate division GMR International.