GMR infra posts net losses of ₹338 cr

Net losses for GMR Airports Infrastructure Limited (GIL) widened to ₹337.57 crore, nearly doubling from ₹167.58 crore in Q4 FY24, driven by increased finance costs despite higher revenue. This is a sharp contrast to the net consolidated profit of ₹16.84 crore reported in the first quarter last year.

Revenue from operations for the quarter ending June 30, 2024, grew by 19% to ₹2,402.20 crore, up from ₹2,017.63 crore in the same quarter last year. Total income increased by 18% to ₹2,522.29 crore, compared to ₹2,126.15 crore during the same period.

EBITDA grew to ₹1016.35 crore in the first quarter this fiscal from ₹860.28 crore year-ago quarter. EBITDA is earnings before interest, tax, depreciation, and amortisation. The company’s EBITDA margin slightly declined to 42.31% from 42.64% in the same quarter last year but improved from 38.43% in the March quarter.

Net profit margins fell sharply from 0.77% in the year-ago quarter to -14.05% in the latest quarter, indicating the company moved from a small profit to significant losses, with profitability worsening from -6.85% in the previous quarter.

Following the merger, Groupe ADP holds 32.3% of the paid-up share capital, GMR promoters own 33.8%, and public shareholders hold 33.9%. The merger of GMR Airports (GAL) was concluded with GMR Airports Infrastructure (GIL) in July 2024.

In India, GIL owns 64% of Delhi Airport, 74% of Hyderabad Airport, and 100% of Bhogapuram Airport. The final agreement for Nagpur Airport is pending, but GIL already fully owns Goa Airport. Internationally, GIL has a 21.6% stake in the under-construction Crete Airport, 49% in Medan Airport, and 33.33% in Cebu Airport.

The company was added to the NSE Nifty India Tourism Index in June 2024, with a weight of 14.8%.

Overall passenger traffic grew by 7.4% to 31.8 million. Mopa Airport saw the highest year-on-year growth at 18.6%, followed by Hyderabad and Delhi airports with 9.5% and 9.4% increases, respectively. Delhi Airport recorded the highest traffic, reaching 19.3 million passengers in Q1 FY25, its highest-ever quarterly total. This surge was largely driven by a 16.6% increase in international traffic and a 4.2% rise in domestic traffic, up from 18.02 million in Q1 FY24.

GMR Infra shares hit an intraday low of ₹92.31, down 3% from the previous day, and opened at ₹94 today. The company’s market capitalisation stands at ₹98,018.97 crore.