COVID-19 hit: GMR Infra's loss at Rs 1120 Cr in Q3

Hyderabad, Feb 12 (PTI): Hit by globallockdown tocontain the spreadof COVID-19, GMR Infrastructure Limitedsconsolidated loss for the quarter ended December 31 widenedto Rs 1120.51 crore.

It was Rs 280.74 crore during the October-Decemberperiod in FY20, a filing from the company with the boursessaid on Friday.

The consolidated total income for the quarter underdiscussion was down to Rs 1673.53 crore against Rs 2297.65crore, it said.

Revenues from the Airports segment was down to Rs 816.19crore during the quarter.

It was Rs 1636.14 crore during the corresponding periodin FY20.

The segment incurred a loss of Rs 455.17 crore in thequarter against Rs 118.74 crore profit during the same periodlast year.

GMR currently operates two International Airports inIndia- Delhi and Hyderabad and one in Mactan Cebu inPhilippines with a local partner.

''With the recent and rapid development of the COVID-19outbreak, many countries have implemented travel restrictions.

The Group has majority of its subsidiaries, JVs andassociates operating in Airport sector, Energy Sector, Highwaysectors and Urban Infra sector and with respect to COVID-19impact on the business of these entities, the managementbelieves while the COVID - 19 may impact the businesses in theshort term, it does not anticipate medium to long term risk tothe business prospects,'' GMR said.

The Group has incurred losses, primarily on account oflosses in the energy and highway sector with a consequenterosion of its net worth, delay in debt and interest servicingand lower credit ratings for some of its borrowings, the inframajor said.

The management is taking various initiatives, includingmonetization of assets, sale of stake in certain assets,raising finances from financial institutions and strategicinvestors, refinancing of existing debt and other strategicinitiatives to address the repayment of borrowings and debt,it added.