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GVK Power & Infrastructure announced its third quarter results of FY10. The company’s consolidated net profit stood at Rs 45.8 crore as against Rs 44.2 crore (QoQ). However, the consolidated net sales declined to Rs 473.5 crore from Rs 492.3 crore (QoQ).

GVK Power & Infrastructure today said its consolidated net profit surged over two fold to Rs 45.80 crore for the third quarter ended December 31, 2009, over the same period previous fiscal. Net sales of the company increased to Rs 473.50 crore for the latest quarter against Rs 104.34 crore for the same period last fiscal, GVK Power & Infrastructure said in a filing to the Bombay Stock Exchange (BSE). For the nine months ended December 31, 2009, the company posted a net profit of Rs 122.76 crore against Rs 93.31 crore for the same period last fiscal.

GVK Power has acquired 17% in Bangalore International Airport (BIAL) from Larsen & Toubro for Rs 686 crore. The stake was acquired through its subsidiary and the acquisition was priced at Rs 105 a share. With this acquisition, GVK will now hold 29% stake in BIAL. The deal values BIAL at around Rs 4,040 crore.

GVK Power and Infrastructure (GVKPIL) 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. Revenues increased over four-fold to Rs 492.32 crore during the quarter from Rs 109.49 crore. According to Chairman and Managing Director 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.

GVK Power plans to bid for overseas airports (Live mint.com 5th Feb 2008)Close on the heels of Bangalore-based infrastructure developer GMR Infrastructure Ltd winning airport modernization business contract overseas, its competitor GVK Power and Infrastructure Ltd is planning to bid for similar airport projects in Europe and America. Hyderabad-based GVK Power, which currently runs Mumbai’s Chhatrapati Shivaji International Airport, is actively looking at more than two airport upgrade and modernization projects abroad, people familiar with the development said. Meanwhile, Cochin International Airport Ltd (Cial), the company that built the new international airport in Kochi, India’s first to be built by a private sector firm, is also looking at exploring the possibilities of building airports in Sri Lanka, Ghana, Angola and Papua New Guinea. More