On the standalone front, the company has reported 27% dip in the revenues at Rs 8.23 crore and Net Loss of Rs 0.52 crore (against profit of Rs 6.58 crore in the corresponding previous year).

Quarterly Performance:

For the quarter ended December 2010, the company has reported pale results with 3% fall in the consolidated income from Operations at Rs 459.56 crore on the back of 4% fall in the power segment revenues. Power segment constitutes 89% of the total revenues of the company. On the other hand, the revenues from Roads improved by 10% to Rs 48.67 crore and constituted 11% of the total revenues. At segment level, the margins from Roads business has slipped by 270 bps to 12.1% and pressurized OPM down by 160 bps to 28.1%. Thus Operating Profit was down by 8% to Rs 129.19 crore.

The other income slipped by 69% to Rs 3.35 crore in quarter under review. On the other hand Interest expenses moved up by 14% to Rs 65.98 crore while that of depreciation slipped by 5% to Rs 50.06 crore, resulting PBT down by 59% to Rs 16.50 crore. At segment level, the power business has reported 22% dip at Rs 49.33 crore and constituted 62% of the segment profit. The roads business has delivered 16% rise in profit at Rs 26.93 crore sharing 34% of the segment Profit.

The company has tax income of Rs 0.91 crore against outgo of Rs 5.43 crore in the corresponding previous year, and led PAT at Rs 17.41 crore – down by 51% on y-o-y basis. Thanks to nearly double increase in the share of profit from associates at Rs 30.68 crore and 26% increase in the minority interest at Rs 6.18 crore that curtailed degrowth in the Net Profit to 8% to Rs 41.91 crore.

YTD performance:

For the nine months ended December 2010, the company has posted 12% increase in the consolidated income from operations at Rs 1452.85 crore and 4% dip in the Net profit at Rs 118.11 crore. The OPM margins were strained by 210 bps to 27.6%, on the back of dip in the Segment margins of Power segment by 110 bps to 13.5%. The Other income declined by 38% to Rs 13.99 crore while that of interest expenses inched up by 38% to Rs 199.77 crore and depreciation remained flat at Rs 142.40 crore. After accounting sharp 600 bps dip in the effective tax rate at 15%, 40% dip in the PBT at Rs 72.72 crore was translated to 36% dip in PAT. Thanks to 88% increase in the Profit from share of associates at Rs 75.55 crore while the Minority Interest moved up by 45% to Rs 19.28 crore, there by restricting fall in the Net Profit by 4% to Rs 118.11 crore.

• During the quarter the company has transferred balance of its total Investments in GVK Gautami Power Ltd to its wholly owned subsidiary GVK Energy Ltd with the company has completed the creation of a separate Energy vertical.
• During the current quarter ended GVK Jaipur Expressway Pvt Ltd, 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. 1.41 Crore.
• The promoters share holding stands firm at 54.25% of the total capital of the company. The promoters have pledged 7.18% of their share of 3.89% of the total equity capital of the company.
• The Scrip is hovering at Rs 26.80 on BSE.