GMR Infrastructure, the Bangalore-based infrastructure firm, has witnessed a decline of 40 per cent in its consolidated net profit at Rs 53.61 crore for the second quarter ended September 30, 2009.

The firm had posted a net profit of Rs 90 crore during the September quarter of the last fiscal.

The company's total income grew to Rs 1210 crore during the July-September period of the current fiscal from Rs 857 crore in the same period last year.

On a standalone basis, GMR Infrastructure has reported fall of 54 per cent in its net profit at Rs 11.19 crore for the September quarter, compared with Rs 24.19 crore for the quarter ended September 30, 2008.

However, company’s total income surged to Rs 43.36 crore during the period, from Rs 40.72 crore in the year-ago period.

Apart from announcement of results, today the board of directors of the company has sanctioned raising of Rs 1000 crore through issue of preference shares, subject to shareholders' approval.

It should be noted that latest move to raise upto Rs 1000 crore through issue of preference shares comes couple of months after when the company failed in its efforts to raise around Rs 2,000 crore through a QIP route.