No prizes for guess but their core businesses were badly impacted by the lockdown following COVID-19. For example, GMR Infra announced a doubling of its net loss to Rs.834 crore for the Jun-20 quarter on the back of reduced airport revenues.
The fall in airport revenues was largely due to most air services being either shut or running at a skeletal level. This fall in profit was led by a sharp halving of the total revenue income at Rs. Rs.1224 crore for the Jun-20 quarter.
Revenues from the airports business, which is the bread and butter business for GMR Infrastructure, almost fell by 70% to Rs.494 crore during the Jun-20 quarter. This likely to take a long time to recover so even Sep-20 quarter could be under pressure.
The face saver for GMR came from the power vertical where revenues were up by more than double at Rs.300 crore in the Jun-20 quarter. Meanwhile, the good news is also that GMR is aggressively monetizing its assets and looking to substantially cut down its debt.
No prizes for guess but their core businesses were badly impacted by the lockdown following COVID-19. For example, GMR Infra announced a doubling of its net loss to Rs.834 crore for the Jun-20 quarter on the back of reduced airport revenues.
The fall in airport revenues was largely due to most air services being either shut or running at a skeletal level. This fall in profit was led by a sharp halving of the total revenue income at Rs. Rs.1224 crore for the Jun-20 quarter.
Revenues from the airports business, which is the bread and butter business for GMR Infrastructure, almost fell by 70% to Rs.494 crore during the Jun-20 quarter. This likely to take a long time to recover so even Sep-20 quarter could be under pressure.
The face saver for GMR came from the power vertical where revenues were up by more than double at Rs.300 crore in the Jun-20 quarter. Meanwhile, the good news is also that GMR is aggressively monetizing its assets and looking to substantially cut down its debt.