For the half year ended September 2010, consolidated total income from Operations jumped by 20% to Rs 993.29 crore. There was 22% rise in the revenues from Power segment at Rs 896.97 crore which constituted 90% of the total revenues. The revenues from road segment inched up by 10% to Rs 90.02 crore and constituted 9% of the total revenues. The OPM has slipped by 238 bps to 27.4% due to rise in other expenditure. The 82% jump in the share of Profits from associates to Rs 44.87 crore and 56% increase in the Minority interest at Rs 13.1 crore, resulting in decline of just 1% in the net profit to Rs 76.2 crore.

Consolidated quarterly Results:

For the quarter ended September 2010, consolidated total income from Operations jumped by 2% to Rs 503.43 crore. There was just 2% rise in the revenues from Power segment at Rs 453.97 crore which constituted 90% of the total revenues. The revenues from road segment inched up by 9% to Rs 46.33 crore and constituted 9% of the total revenues.

The OPM has slipped by 173 bps to 28.9% due to overall rise in expenditure. Fuel cost increased by 71 bps to 60.18%, other expenditure by 63 bps to 9.28% and employee cost by 40 bps to 1.65% of sales. As a result, Operating Profit has decreased by 4% to Rs 145.46 crore.

Although PBIT margins of road segment inched up by 1800 bps to 66.5%, the margins in power segment fell by 140 bps to 14.4%.

The other income has declined by 62% to Rs 3.05 crore, Interest expenses up by 16% to Rs 65.55 crore and depreciation down by 13% to Rs 46.16 crore. The PBT was down by 25% to Rs 36.80 crore

At segment level, PBIT of road has jumped up by 50% to Rs 30.82 crore and constituted 31% of the total segment profit. However, PBIT at power segment has declined by 8% to Rs 65.22 crore and constituted 66% of the total segment profit.

There was tax out go of Rs 6.96 crore and prior period tax of 1.28 crore for the quarter. Finally, 64% jump in the share of Profits from associates to Rs 22.02 crore and 26% increase in the Minority interest at Rs 7.77 crore, resulting in decline of just 3% in the net profit to Rs 42.8 crore.

Half Yearly Performance:

For the half year ended September 2010, consolidated total income from Operations jumped by 20% to Rs 993.29 crore. There was 22% rise in the revenues from Power segment at Rs 896.97 crore which constituted 90% of the total revenues. The revenues from road segment inched up by 10% to Rs 90.02 crore and constituted 9% of the total revenues.

The OPM has slipped by 238 bps to 27.4% due to rise in other expenditure. The other expenditure by 208 bps to 11.07% and employee cost by 30 bps to 1.63% of sales. As a result, Operating Profit has increased by just 11% to Rs 271.71 crore.

Although PBIT margins of road segment inched up by 360 bps to 51.5%, the margins in power segment fell by 40 bps to 14.2%.

The other income has declined by 9% to Rs 10.64 crore, Interest expenses up by 53% to Rs 133.79 crore along with depreciation, which is up by 4% to Rs 92.34 crore. The PBT was down by 30% to Rs 56.22 crore

At segment level, PBIT of power business has jumped by 18% to Rs 126.96 crore and constituted 71% of the total segment profit. PBIT at roads segment also inclined by 18% to Rs 46.37 crore and constituted 26% of the total segment profit.

There was tax out go of Rs 11.54 crore and prior period tax of 0.25 crore for the half year. Finally 82% jump in the share of Profits from associates to Rs 44.87 crore and 56% increase in the Minority interest at Rs 13.1 crore, resulting in decline of just 1% in the net profit to Rs 76.2 crore.

Other Information:

• During the quarter the company has transferred its total Investments in GVK Industries Limited, Alaknanda Hydro Power Company Limited and GVK Power (Goindwal Sahid) Limited to its wholly owned subsidiary GVK Energy Limited. The company has also transferred part of its Investments in GVK Gautami Power Limited to its wholly owned subsidiary GVK Energy Limited.

• During the current quarter ended GVK Jaipur Expressway Private Limited, a wholly owned subsidiary of the company has amortized Toll rights based on the actual traffic for the period. Had it continued to use the Straight Line method as followed earlier the charge to the Profit and loss account, net of tax would have been higher by Rs 1.64 crore

• The Promoters stake stood at 54.19% for September 2010. The Promoters have pledged 7.18% of the shares as % of total share holding of promoter and promoter group.

• The Scrip is hovering at Rs 46.4 on BSE.