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Gayatri Projects Q2 Net profit at Rs210mn

India Infoline News Service | Mumbai | November 15, 2012 14:03 IST

Total Income up 13.9% to Rs823.8 crore (Rs723.1 crore in H1 FY12)

Gayatri Projects Limited (GPL), a prominent and well established infrastructure company specializing in road, irrigation, power transmission and industrial projects, with a pan India presence and a strong
asset development portfolio, has announced its results for the Second quarter ended 30th September, 2012.

Financial Overview
Total Income up 13.9% to Rs823.8 crore (Rs723.1 crore in H1 FY12)
EBIDTA (incl. other income) up 15.9% at Rs122.8 crore (Rs105.6 crore in H1 FY12)
Profit before tax at Rs31.3 crore (PBT Rs46.2 crore in H1 FY12)
 Profit after tax stood at Rs21 crore (PAT Rs30.1 crore in H1 FY12)

Commenting on the results, Mr.Sandeep Kumar Reddy, Managing Director, Gayatri Projects Limited said, Gayatri Projects performance for the quarter is encouraging despite a challenging macro environment. Out of our 7 BOT Road Projects 5 SPVs are income generating, the revenues are as per our estimates and the SPVs are in a position to meet their debt and other obligations. We are also seeing good progress on our power projects in Krishnapatnam. Orders for infrastructure have been placed and we are optimistic of commencing operations at our 1,320 MW TPCIL project in FY2014 and a similar capacity unit, NCCPPL in FY2015.

During the quarter we also completed full repayment of our FCCB. The completion of this transaction further reaffirms the companys commitment towards its stakeholders. Going forward while the environment is challenging we are optimistic of our outlook especially against the backdrop of swift actions on the part of government to boost the infrastructure sector and our profitable assets.

Business and Order Book Update
Gayatri Projects Limited has a total order book of `9,183 crore as on 30th September 2012.This comprises both the Companys own projects across the segments of roads and industrial projects as well as its BOT projects being executed through joint ventures entered into by its subsidiaries, namely Gayatri Infra Ventures Limited (GIVL) and Gayatri Energy Ventures Limited (GEVL).

GIVL is presently developing two road projects in joint ventures with well-regarded entities in the space. These comprise the HKR Roadways Limited (HKRRL) and Indore Dewas Tollways Limited (IDTL),
both of which are progressing as per schedule. As on 30thSeptember 2012, we have completed close to 50% of each of these projects. Toll collection has already begun on two projects namely WUPTL and
IDTL. GIVL is also receiving annuities towards all of its four projects under operation, namely Gayatri Jhansi Roadways Limited (GJRL), Gayatri Lalitpur Roadways Limited (GLRL) Hyderabad Expressways
Limited (HEL), Cyberabad Expressway Limited (CEL).

In the Power segment the Company, through its subsidiary Gayatri Energy Ventures Private Limited (GEVPL), it is presently in the process of setting up the first phase of two 1320 MW projects - Thermal
Powertech Corporation India Limited (TPCIL). Work on its other power project which is in partnership with NCC (NCCPPL) for setting up 1320 MW of power under first phase is also progressing as per
schedule and is likely to start commissioning from FY2015.During the half year ended 30th September 2012, the Company successfully redeemed FCCB fully.

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