Consolidated

On a Consolidated basis for the quarter ended December 2009 the sales revenue of GVK Power and Infrastructure stood at Rs 473.50 crore which was a whopping 354% higher when compared with corresponding previous quarter last year. The OPM (Operating Profit Margin) decreased by 1210 basis points to 29.7%. The subsequent Operating Profit for the quarter under review stood at Rs 140.78 crore which was 222% higher when compared with corresponding period last year

The Employee cost and other expenditure decreased (as a % of sales) from 4.6% to 1.4% and from 15.8% to 11.1% respectively. The Fuel cost increased (as a % of sales) from 37.8% to 57.9%.

During the quarter ended December 2009 the Other Income stood at Rs 10.85 crore indicating a rise of 195% when compared with corresponding period last year. The resultant PBIDT for the quarter ended December 2009 was Rs 151.63 crore which was 220% higher when compared to the corresponding previous quarter last year. The Interest and other financial expense increased sharply by 600% to Rs 57.94, while the depreciation charges (Net of withdrawals from grant) increased by 171% Rs 52.98 crore.

Consequently, for the quarter ended December 2009 the PBT of GVK Power and Infrastructure stood at Rs 40.71 crore which was higher by 108% when compared with corresponding period last year. The tax expense for the quarter ended December 2009 stood Rs 5.43 crore resulting in PAT of Rs 35.28 crore for the quarter ended December 2009 which was 117% higher on a Y-o-Y basis comparison. The share of profit from associates (gross) stood at Rs 15.41 crore while the Minority Interest stood at Rs 4.89 crore respectively. The Net Profit After Tax and Minority Interest stood at Rs 45.80 crore which was 105% higher on a Y-o-Y basis comparison.

On a Consolidated basis for the nine months ended December 2009 the sales revenue of GVK Power and Infrastructure stood at Rs 1298.02 crore which was a whopping 274% higher when compared with corresponding period last year. The OPM (Operating Profit Margin) decreased by 1120 basis points to 29.7%. The subsequent Operating Profit for the nine months under review stood at Rs 385.94 crore which was 172% higher when compared with corresponding period last year.

The Employee cost and other expenditure decreased (as a % of sales) from 3.7% to 1.3% and from 13.3% to 9.7% respectively. The Fuel cost increased (as a % of sales) from 42.1% to 59.2%.

During the nine months ended December 2009 the Other Income stood at Rs 22.60 crore indicating a rise of 25% when compared with corresponding period last year. The resultant PBIDT for the nine months ended December 2009 was Rs 408.54 crore which was 156% higher when compared to the corresponding period last year. The Interest and other financial expense increased sharply by 473% to Rs 145.15, while the depreciation charges (Net of withdrawals from grant) increased by 142% Rs 141.97 crore.

Consequently, for the nine months ended December 2009 the PBT of GVK Power and Infrastructure stood at Rs 121.42 crore which was higher by 60% when compared with corresponding period last year. The tax expense for the nine months December 2009 stood Rs 25.51 crore resulting in PAT of Rs 95.91 crore for the nine months ended December 2009 which was 44% higher on a Y-o-Y basis comparison. The share of profit from associates (gross) stood at Rs 40.13 crore while the Minority Interest stood at Rs 13.28 crore respectively. The Net Profit after Tax and Minority Interest stood at Rs 122.76 crore which was 32% higher on a Y-o-Y basis comparison.

For the quarter ended December 2009 revenue of Power segment increased sharply to Rs 426.22 crore as compared to quarter ended December 2008. PBIT margins for the segment stood at 14.8% as compared to Rs 3.4% during the corresponding period last year. As a result the profit before Interest and tax for this segment stood at 63.07 crore, which was sharply higher when compared with corresponding period last year. This segment contributed 90% of the total sales for the company and 72% of the total PBIT of the company for the quarter ended December 2009.

Roads

For the quarter ended December 2009 the revenue of Roads segment grew by 21% to Rs 44.17 crore as compared to quarter ended December 2008. PBIT margins for the segment decreased by 370 basis points to 52.7%. As a result the PBIT of this segment increased by 13% 23.26 crore. This segment contributed 9% of the total sales for the company and 26% of the total PBIT of the company for the quarter ended December 2009

For the nine months ended December 2009 the revenue of Power segment increased sharply to Rs 1162.21 crore as compared to nine months ended December 2008. PBIT margins for the segment stood at 14.8% as compared to Rs 5.5% during the corresponding period last year. As a result the profit before Interest and tax for this segment stood at 170.21 crore, which was sharply higher when compared with corresponding period last year. This segment contributed 90% of the total sales for the company and 70% of the total PBIT of the company for the nine months ended December 2009.

Roads

For the nine months ended December 2009 the revenue of Roads segment grew by 18% to Rs 126.35 crore as compared to nine months ended December 2008. PBIT margins for the segment decreased by 940 basis points to 49.6%. As a result the PBIT of this segment decreased by 1% 62.63 crore. This segment contributed 10% of the total sales for the company and 26% of the total PBIT of the company for the nine months ended December 2009

Other Developments

During the quarter, the Company has increased its stake in M/ s GVK Gautarni Power Ltd from 51% to 54% by subscribing to the additional issue of share.

In the current quarter, the Company has acquired 12% equity in Bengaluru International Airport (BIAL) from Flughafen Zuerich AG through a step down wholly owned subsidiary. The company has also entered into an agreement with L&T Infrastructure Development Projects (L&T) for acquiring it's 17% equity stake in BIAL. The acquisition of 17% equity stake of L & T was completed on January 15, 2010. The present holding of the company in BIAL through it´s step down wholly owned subsidiary stands at 29%.

Promoters Holding

The promoters and promoter group shareholding has remained at 54.25% from quarter ended September 2009 to quarter ended December 2009.

Pledged

Number of shares pledged as on 31^st December 2009 stands at 61475557 which is 7.18% as percentage of the total shareholding of promoters and promoter group and 3.89% as percentage of total share capital of the company.

Currently the shares of GVK power are quoting at around Rs 45.05 (LTP on 31^st December 2010) at BSE.