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GVK Power Total revenues grew by 34% YoY in Q2'FY 13 to Rs 640.35 crore including revenues from Airports Rs 314.45 crore. However, excluding the Airport sales (nil in the Q2'FY12) revenues fell by sharp 32% YoY to Rs 325.90 crore for the same period. This was on account of the sharp 36% fall by the Power business sales despite moderate 8% growth in Roads during the quarter.
Notably, margins expanded by 770 bps YoY to 37.8% (not strictly comparable) and after this operating profit grew by 68% YoY to Rs 242.03 crore. After the sharp 136% growth in other income to Rs 32.73 crore, PBIDT grew by 74% YoY to Rs 274.76 crore. However, there was sharp rise in interest cost (123% YoY Rs 176.25 crore) mainly due to interest paid on debt raised for acquisition of equity stake in Bombay and Bangalore Airport projects, which were taken on books during the quarter. Also, depreciation had gone up by sharp 87% YoY to Rs 86.95 crore. Eventually, PBT fell by 64% YoY to Rs 11.56 crore. Further, with the 77% increase in provision for taxation to Rs 28.84 crore, PAT posted loss of Rs 17.28 crore (as against the profit of Rs 15.91 crore) in the corresponding previous period. After accounting to the lower share of profit from the associates (down by 77% YoY to Rs 7.20 crore) and higher minority interest (Rs 33.58 crore vis-à-vis Rs 8.64 crore) it posted net loss of Rs 43.66 crore as against the profit of Rs 37.92 crore.
Revenue Mix:
Power: Sales fell by 36%
Revenues 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 fell by sharp 36% YoY to Rs 265 crore for the quarter ended September 2012 on the back of restricted supply of gas as a result of which the plants did not operate at full capacity. However, the sharp 970 bps YoY rise in margins to 26.5% led to the flat growth in segment profit to Rs 70.19 crore.
Roads: Grew by 8%
GVK Jaipur Expressway Private Limited grew by moderate 8% YoY to Rs 60.9 crore for the quarter ended September 2012 and Traffic increased by 2% over the same period. Also, margins went up by 420 bps YoY to 54.1% and after this segment profit grew by 17% YoY to Rs 32.97 crore.
Airports:
Revenues from Airport business (Mumbai International Airport Private Limited) were Rs 314.45 crore in Q2'FY 13 as against the nil in the corresponding previous period. At PBIT level, it posted segment profit of Rs 53.05 crore for the same period.
The Bangalore International Airport Ltd revenues grew by 2% YoY to Rs149.45 Crore for the quarter ended September 2012.
Consolidated Half-yearly Performance:
Total revenues grew by 34% YoY to Rs 1458.90 crore for the half-year ended September 2012. Also, margins expanded by 360 bps YoY to 29.6% and accordingly operating profit grew by 52% YoY to Rs 432.08 crore. After the sharp 104% growth in other income to Rs 69.26 crore, PBIDT grew by 58% YoY to Rs 501.34 crore. However, with the 146% jump in interest cost to Rs 356.30 crore and 84% rise in depreciation to Rs 171.07 crore, PBT posted loss of Rs 26.03 crore. Further, after the sharp 117% increase in provision for taxation to Rs 55.39 crore, PAT posted loss of Rs 81.42 crore as against the profit of Rs 53.85 crore in the corresponding previous period. After accounting to lower share of profit from associates ( down by 74% YoY to Rs 16.41 crore) and sharp increase in minority interest (up by 101% YoY to Rs 42.95 crore), it posted net loss of Rs 107.96 crore as against the profit of Rs 96.84 crore in the corresponding previous period.
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