Bangalore: GMR Infrastructure, which reported a three-fold increase in net loss to close to Rs 180 crore for second quarter of Fy13, has said that as much as close to Rs 1,500 crore is pending from just two entities – Air India and Tamil Nadu government.
“Air India owes us around Rs 650 crore including at our airports at Delhi and Hyderabad, while Tamil Nadu government owe us another close to Rs 800 crore. The total outstanding for our airport sector is around Rs 890 crore, while the power sector has receivables outstanding of Rs 880 crore. So when you take into account receivables of close to Rs 2,000 crore and the inherent need to provide working capital, we are at a loss,” A Subba Rao, Group CFO, GMR Infrastructure said. He added that they are in discussions with the respective authorities to see how this issue can be sorted out.
While the revenues at Delhi International Airport grew by a healthy 36 per cent at Rs 1469 crore, the losses have been reduced substantially to Rs 28 crore for second quarter of Fy13 as compared to the corresponding loss of Rs 210 crore. "The increase in airport tariff at DIAL is having a good impact and that itself pushed our revenues by 90 per cent. With sustained growth, hopefully we should be recouping our accumulated losses of close to Rs 1,700 crore over a period of time," added Rao.
15/11/12 Raghuvir Badrinath/Business Standard
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“Air India owes us around Rs 650 crore including at our airports at Delhi and Hyderabad, while Tamil Nadu government owe us another close to Rs 800 crore. The total outstanding for our airport sector is around Rs 890 crore, while the power sector has receivables outstanding of Rs 880 crore. So when you take into account receivables of close to Rs 2,000 crore and the inherent need to provide working capital, we are at a loss,” A Subba Rao, Group CFO, GMR Infrastructure said. He added that they are in discussions with the respective authorities to see how this issue can be sorted out.
While the revenues at Delhi International Airport grew by a healthy 36 per cent at Rs 1469 crore, the losses have been reduced substantially to Rs 28 crore for second quarter of Fy13 as compared to the corresponding loss of Rs 210 crore. "The increase in airport tariff at DIAL is having a good impact and that itself pushed our revenues by 90 per cent. With sustained growth, hopefully we should be recouping our accumulated losses of close to Rs 1,700 crore over a period of time," added Rao.
15/11/12 Raghuvir Badrinath/Business Standard
