GVK Power & Infrastructure Limited (GVKPIL) today announced its audited consolidated financial results for the year ended March 31, 2008, after its financial results were taken on record and approved by the Board of Directors at its meeting held here, today.

Consolidated results

Financial highlights for the year ended March 31, 2008

GVKPIL has posted a total income of Rs.532.14 crore during the year ended March 31, 2008 as compared to Rs.423.29 crore for the previous year, an increase of 26 %.

The company’s net profit stood at Rs.135.47 crore, as against Rs.58.03 crore for the Financial Year 2007, an increase of 133 %.

The consolidated results for the Financial Year 2008 take into account the results of GVK Industries Ltd. (Phase I), GVK Jaipur Expressway Pvt. Ltd. and Mumbai International Airport Pvt. Ltd.

Major achievements during the year:

Major developments at Mumbai International Airport-

The Mumbai International Airport has recorded passenger traffic of 25.8 million during 2007-08, representing a 16.25 percent growth over the previous fiscal.

The consistent and healthy year-on-year growth in passenger traffic at the CSIA, attributed to the strong demand in air travel, reinforces our position as the busiest airport in India and one of the busiest in South Asia as well. During the period, 533,593 tonnes of cargo was handled by the CSIA, a healthy rise of 11.12 percent over last year.

The total air traffic movements (ATMs) handled were 230,246, of which 170,851 were domestic and 59,395 were international passengers.

CSIA has awarded the duty-free retail contract to DFS Galleria, the world’s leading luxury travel retailer. Chhatrapati Shivaji International Airport (CSIA) has been voted the “best airport in public-private partnership” for 2007 in an independent survey of passengers and opinion makers conducted by the Air Passengers Association of India (APAI).

CSIA has also bagged the first `Aeronautical Excellence Airport of the Year’ award instituted by Frost and Sullivan for its efforts in developing the aeronautical segment of the airport in the Asia Pacific (APAC) Region.

CSIA is India’s busiest airport and is currently being upgraded to cater to 40 million passengers by 2012. The Mumbai International Airport Private Limited (MIAL) has successfully built and upgraded several aeronautical-side infrastructures to accommodate the high rise in aircraft movements as well as passenger and cargo traffic.

Progress in Alaknanda Hydro Power-

Alaknanda Hydro Power has achieved Financial Closure in August 2007, for its 330 MW Shrinagar Hydro Electric Project being set up in Uttarakhand.

Major contracts have been finalized. The Electro-mechanical works have been awarded to Bharat Heavy Electricals Limited (BHEL). The civil works have been awarded to NCC-GVK Projects consortium. TCE Consulting Engineers, Mumbai has been appointed as Owner’s Engineer while SMEC International has been appointed as Detailed Engineering Consultants for the project.

Excavation and facilitating works are in progress. Diversion tunnel has been almost completed. The Project is scheduled to be completed by July 2011.

As of March 31, 2008, the company has invested Rs. 386 crore out of which Rs. 143 crore is equity and Rs. 243 crore is term loans. The total cost of the project is Rs. 2,069 crore, of which Rs. 1,655 crore is debt and Rs. 414 crore is equity.

Sourced From: Ogilvy Public Relations Worldwide

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