For the fiscal year March 12, the company has reported 30% increase in the total income from operations at Rs 2491.83 crore while Net Profit declined 60% to Rs 61.46 crore. OPM surged 110bps to 27.5% which led operating profit growth of 35% to Rs 684.03 crore but interest and depreciation charges coupled with steep increase in tax provisioning dragged down the profits.

Quarterly Performance:

GVK power and infrastructure has reported healthy 45% increase in the total income from operations at Rs 657.59 crore in the quarter ended March 2012 with inclusion of revenues from Airports segment at Rs 324.63 crore. The Power business continued to hold major share at 42% of revenues and reported de growth of 30% to Rs 278.79 crore. De-growth in the power revenues were attributed to restricted gas supply for its power plants there by operating below operating capacity. On the other hand, Revenues from roads grew 16% to Rs 58.57 crore and constituted 9% of the total revenues.

On the segment front, segmental margins of roads jumped from 46.8% to 65.3%. The segment margins from Airports stood at 22.7% in the quarter under review but segment profits of power segment slipped to loss of Rs 4.68 crore against profit of Rs 64.37 crore. OPM surged 600bps to 28.9% and led Operating profit up 83% to Rs 189.84 crore. On the cost front, fuel costs saw a steep decline from 60.8% to 33.6% of sales although staff costs were up from 2% to 5.6% of sales. At segment level, profit from roads grew 62% to Rs 38.23 crore and Airports was at profit of Rs 73.63 crore against loss of Rs 0.99 crore. Profits from Airport business has taken major share of the total profit at 66% followed by 34% from road business. The other income leaped up 140% to Rs 34.95 crore and led PBIDT up 90% to Rs 224.79 crore.

Surge in the interest cost by 169% to Rs 168.6 crore on the back of higher interest rates and forex fluctuations and 88% jump in depreciation to Rs 77.71 crore has led to loss of Rs 21.52 crore at PBT against profit of Rs 14.35 crore.

Further, 287% jump in tax expenses at Rs 14.54 crore coupled with 53% dip in share of profit from associates at Rs 16.54 crore and 88% drop in the MI at Rs 1.36 crore has pulled profitability to red at Rs 20.88 crore in the quarter under review.

FY12 performance:

For the fiscal year March 12, the company has reported 30% increase in the total income from operations at Rs 2491.83 crore while Net Profit declined 60% to Rs 61.46 crore. The three gas based projects i.e. 464 MW GVK Gautami Power Limited and 235 MW Phase I & 220 MW Phase II projects of GVK Industries Limited have recorded 3% decline in revenues to Rs 1666.31 crore, which contributed 67% but the year saw substantial revenues from Airport business at Rs 595.52 crore, 24% of total revenues. MIAL - Mumbai International Airport Private Limited recorded operating revenue of Rs 1308.53 crore, an increase of 11%. BIAL - Bangalore International Airport Limited recorded revenue of Rs 605.68 crore, an increase of 13%. Revenues from road business grew 18% to Rs 223.84 crore, 9% of total revenues.

OPM surged 110bps to 27.5% which led operating profit growth of 35% to Rs 684.03 crore. On the segmental front, margins were helped by 577bps jump in road business to 56.9% but impacted by 366bps decline in power business to 10.5%. Margins from Airport business stood at 21.9%. On the cost front, fuel costs saw a steep decline from 59.6% to 47.5% of sales although staff costs were up from 1.7% to 3.2% of sales. Other income grew 211% to Rs 88.87 crore. Interest and depreciation charges were up 80% and 36% to Rs 457.22 crore and Rs 248.93 crore respectively which led to 30% de-growth at PBT to Rs 66.75 crore and 218% increase in tax provisioning to Rs 67.82 crore pulled PAT to red at Rs 1.07 crore against profit of Rs 74.42 crore.

Share of profit from associates declined 4% to Rs 106.39 crore and minority interest was up 44% to 43.86 crore. Net profit thus stood at Rs 61.46 crore, down 60%.

1. The company increased its equity holding in Mumbai International Airport Private Limited (MIAL) from 37% to 50.50% and as a result, MIAL has become a subsidiary of the Company.

2. The company increased its equity holding in Bangalore International Airport Limited (BIAL) from 29% to 43%.

3. At BIAL, expansion of the Terminal is under construction to be able to cater to 17 million Passengers by 2015.

Transportation

The company achieved Financial Closure for implementing 101.90 Km Bagodara-Wataman-Tarapur-Vasad Road (SH-8) with a Project cost of Rs 1,189.03 crore with a debt equity ratio of 75:25.