02 June, 2017
Its shares surged to an intraday high of Rs 19.05 with increased volume on National Stock Exchange compared to its previous close of Rs 14.95.
The infrastructure company announced today that its gross debt came down substantially to Rs 19,856 crore, falling almost 50% from Rs 37,480 crore. The stock has touched its fresh 52-week high of Rs 19.05 per share higher by 27.42%. So far 267009658 (NSE+BSE) shares were traded on the counter.
GMR Infrastructure Limited has attracted huge volume of 24,05,03,696 shares and traded value of Rs 422.08 Cr as of 1415 hours on Friday. The scrip, however, outperformed the market in past one year, surging 33.72% as against Sensex's 16.56% rise.
Similarly, lenders of gas based Rajahmundry project adopted SDR earlier in the year and loan of Rs 1,414 crore was converted into 55 per cent equity of the project.
The total revenue has also gone down for the quarter ended March touching Rs 395.25 crore, with a 31 per cent drop against the same period last fiscal.
GMR Infrastructure today reported widening of its standalone net loss to Rs 2,478.7 crore for the quarter ended March 31, 2017.
Earnings before interest, taxation, depreciation and amortization (EBITDA) rose 12% to Rs 3497 crore in FY 2017 over FY 2016 following a robust improvement in performance of airports and energy verticals. Its net debt to EBITDA for financial year 2016-17 has improved to 4.3 from 10.2 in FY16, the company said in a statement.
Reflecting GMRs turnaround efforts and improvement of financial health of the group, the gross debt reduced to Rs 19,856 crore from Rs 37,480 crore, it said.
The group's energy business GMR Energy divested a 74% stake in Maru project and 49% stake in Aravali project to Adani Transmission LImited for a consideration of Rs 100 crore.