GMR Airports' Loss Narrows and Secures Major Funding Boost

GMR Airports Ltd reported a reduced loss of Rs 429 crore for the quarter ending September. Total income rose, while interest charges increased. The company secured Rs 6,300 crore funding from an Abu Dhabi entity, aiding in loan consolidation and reducing shareholding pledges.

GMR Airports Ltd (GAL) has announced a reduction in its net loss to Rs 429 crore for the quarter that ended in September, compared to the previous year's figures.

Total income from ongoing operations increased to Rs 2,598 crore from Rs 2,162 crore. Interest expenses shot up to Rs 1,031 crore from Rs 673 crore in the same quarter last year.

In a significant development, the GMR promoter group has secured Rs 6,300 crore in structured debt instruments from a subsidiary of the Abu Dhabi Investment Authority, aimed at consolidating debt and mitigating financial risks.

(With inputs from agencies.)