GVK Power and Infrastructure's profit slumped 11% to Rs 37.92 crore in the three months to September 2011.The entity's profit after tax after minority interest declined from Rs 42.81 crore in the 2011 September quarter, according to a regulatory filing today.
Further, the company saw a significant decline in net sales at Rs 477.38 crore in the quarter under review against Rs 503.43 crore in the year-ago periodAll the figures are on a consolidated basis.
Meanwhile, on the standalone basis, GVK Power reported a loss of Rs 2.40 crore in the three months ended September 2011. In the comparable period, it had a profit of Rs 61.33 crore.
In the same period, net sales on a standalone basis, dropped to Rs 6.80 crore from Rs 13.46 crore in the 2010 September quarter.
"During the quarter, the company acquired 10% stake in GVK Coal Developers (Singapore) Pte Ltd, an entity created for the purpose of acquiring Hancock coal," the filing said.
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