GMR Infrastructure’s losses mounted to Rs 108 crore for the quarter December 2011, as power capacity utilisation fell and delays over implementing a new tariff regime in the Delhi Airport.

GMR Airports that operates Delhi airport incurred a loss of Rs 204 crore and its energy business incurred a loss of Rs 85 crore for the same period. GMR Infrastructure's consolidated loss for the quarter ended December 2010 was Rs 22.25 crore and for the quarter ended September 2011, the losses were Rs 62.63 crore.

The company's EBIDTA (Earnings before Interest Depreciation Tax and Amortisation) margin dropped 22.5 per cent for the December quarter, down from 30.5 per cent for the previous quarter. The fall in the margin was partly on account of uncertainty of collections from Air India. GMR's accumulated dues from the airliner were Rs 267 crore. The impact on the group's gross revenues was Rs 50 crore. GMR group chief Financial Officer, A Subba Rao said, "We have started accounting receivables from Air India on a receipts basis. That however does not mean that there is uncertainty of receipts. The government has assured us on the receipts."

In addition, GMR airports chief financial officers, Siddhart Kapur said, "The new aeronautical charges will be implemented after discussions with all the stake holders. Airlines have raised objections, but we believe that it will go through. Once implemented the losses from the Delhi airport will be taken care off." Referring to Kingfisher, he said, settlement of dues was in progress including recovery backlog.

GMR raised Rs 1900 crore of debt by discounting Airport Development Fees from the Delhi Airport.

Referring to developments in the Maldives, Kapur said that it would have a little effect on the airport revenues. GMR is the developer of the Male international airport. Asked if the Male project was insured against unforeseen events, he said, “We are backed by a strong concession agreement with the Maldives government. The concession was awarded to us based on the bids submitted to the International Finance Corporation. Therefore we don't see any major risks on the project."