New Delhi/Hyderabad: GMR Infrastructure posted a consolidated loss of Rs 2,341.25 crore in the fourth quarter, mainly due to impairment losses related to some power assets.
The diversified group has reported a consolidated profit after tax of Rs 4.81 crore during the corresponding quarter of 2017-18.
Consolidated total income stood at Rs 2,293.63 crore compared to Rs 2,234.88 crore in the year-ago period.
GMR booked an impairment loss of Rs 1,242.72 crore in the value of group's investment in GMR Energy Ltd and its subsidiaries/joint ventures. There was also an impairment loss of Rs 969.58 crore related to GMR Chhattisgarh Energy Ltd, an associate of the Group. Together, they totalled Rs 2,212.30 crore. “Our shareholders have lost substantial amount of money in the energy space and we still continue to keep our commitment there and improve the efficiency in the existing energy assets. "We have written off the initial investment... At this stage, we would not put more investments in it (energy)... If the regulatory environment becomes clearer and more investment friendly, obviously the board of directors will decide for investments at that particular point in time," GMR Infrastructure Executive Director (Finance & Strategy) Suresh Chawla said.
