Online BusinessGVK Power Q2 net surges 45%
GVK Power and Infrastructure (GVKPIL), with interests in power, roads, airport, and aviation, reported a 45.19 per cent increase in net profit to Rs 44.23 crore for the second quarter ended September 30, 2009, as compared with Rs 30.47 crore in the corresponding period last year.
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Revenues increased over four-fold to Rs 492.32 crore during the quarter from Rs 109.49 crore. According to Chairman and Managing Director GV Krishna Reddy, the power segment contributed the highest revenues of Rs 446.71 crore during the quarter from just Rs 70.28 crore last year while Rs 42.45 crore came from road compared with Rs 36.07 crore last year.
The company incurred an interest expense of Rs 56.54 crore from Rs 9.12 crore last year. It had raised Rs 716.85 crore during the quarter through qualified institutional placement.