GTL Infrastructure Ltd. FY11 PAT dips on Interest and Finance Charges

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GTL Infrastructure Limited (GTL Infra), a Global Group enterprise, is in the business of Shared Passive Telecom Infrastructure in India. It came out with the Standalone and Consolidated Financial Results for the Quarter & Year ended March 31, 2011 on April 29, 2011.

Fourth Quarter review- For the fourth quarter ended Mar'11, net sales of the company reported at Rs. 139.1 crore that increased significantly by 34.89% as against Rs. 103.11 crore in the corresponding quarter last year.

The employee expenses fell substantially by 28.84% to Rs. 4.08 crore. Infrastructure Operation and Maintenance cost (net) escalated by 43.96% to Rs. 44.7 crore. However, other expenses crept up only by 8.29% to Rs. 9.75 crore. EBITDA surged by 40.53% to Rs. 80.55 crore as against Rs. 57.31 crore in the corresponding quarter last fiscal.

This clearly indicates strong operational performance of the firm. On account of lower net sales than total expenditure the firm suffered a loss of Rs. 12.08 crore from Operations before Other Income, Interest & Exceptional Items in the corresponding quarter previous fiscal.

Though the total expenditure remained flat this year as well, impressive growth in the top-line insured a profit of Rs. 26.14 crore from Operations before Other Income, Interest & Exceptional Items. Depreciation slumped 21.61% to Rs. 54.4 crore.

Despite impressive sales figure it is interesting to note that huge debt infusion in the capital structure continued to play spoilsport. The Interest and Finance charges shot up by 37.07% to Rs. 70.06 crore, completely swallowing the profit from operations. Moreover, the foreign exchange gain plummeted by 97.4% to just Rs. 1.41 crore, further denting the reported PAT.

After adjusting all the financial expenses, net loss reported Rs. 41.79 crore, down by mind boggling 548.07%. EPS increased to Rs. 0.44 per share (face value of Rs. 10) as against Rs. 0.07 per share in the corresponding quarter previous fiscal.

Fiscal year review- For the fiscal year ended Mar'11, the net sales of the company rose appreciably by 40.94% to Rs. 490.42 crore from Rs. 347.96 crore in the corresponding period last year. While the employee expenses remained relatively flat at Rs. 20.41 crore, the other expenditure crept up by 13.58% to Rs. 35.71 crore.

However, Infrastructure Operation and Maintenance cost (net) went up significantly by 45.84% to Rs. 153.28 crore. EBITDA surged by 47.27% to Rs. 281 crore as against Rs. 190.8 crore in the corresponding period last fiscal.

This clearly indicates strong operational performance of the firm. On account of lower net sales than total expenditure the firm suffered a loss of Rs. 7.51 crore from Operations before Other Income, Interest & Exceptional Items in the last fiscal. Though the total expenditure inclined 17.32% this year, impressive growth in the top-line insured a profit of Rs. 73.34 crore from Operations before Other Income, Interest & Exceptional Items.

Despite impressive sales figure it is interesting to note that huge debt infusion in the capital structure continued to play spoilsport. The Interest and Finance charges shot up by 61.5% to Rs. 246.33 crore, completely swallowing the profit from operations. Moreover, the firm suffered foreign exchange loss of Rs. 8.07 crore as against gain of Rs. 124.08 crore, further denting the reported PAT.

After adjusting all the financial expenses, net loss reported Rs. 139.29 crore, down by mind boggling 5298.79 %. EPS increased to Rs. 1.45 per share (face value of Rs. 10) as against Rs. 0.03 per share in the last fiscal.

Consolidated Financial Data- Chennai Network Infrastructure Limited has become the subsidiary of GTL Infrastructure Limited with effect from July 12, 2010. For the fourth quarter ended Mar'11, the Consolidated Revenue and Consolidated EBIDTA were reported at Rs. 332.46 crore and Rs. 193.21 crore respectively.

For fiscal year ended Mar'11, the Consolidated Revenue was Rs. 1007.57 crore and Consolidated EBIDTA stood at Rs. 582.36 crore.

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