GMR Airports Infrastructure Results: Latest Quarterly Results & Analysis

Roads & Highways company GMR Airports Infrastructure announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

• Total Income: Rs 2,570 crore, increased by Rs 573 crore compared to Q4FY23 (Mar'23).
• Net Income: Rs 1,963 crore, increased by Rs 491 crore compared to Q4FY23 (Mar'23).
• EBITDA: Rs 940 crore, increased by Rs 578 crore compared to Q4FY23 (Mar'23).
• PBT (Before exceptional items & share of JVs): Rs (287) crore, increased by Rs 324 crore compared to Q4FY23 (Mar'23).
• Share of Profit from JVs / associates: Rs 38 crore, increased by Rs (8) crore compared to Q4FY23 (Mar'23).
• Exceptional Item: Rs 101 crore, increased by Rs 63 crore compared to Q4FY23 (Mar'23).
• PBT: Rs (148) crore, increased by Rs 455 crore compared to Q4FY23 (Mar'23).
• Profit After Tax (from continuing operations): Rs (168) crore, increased by Rs 471 crore compared to Q4FY23 (Mar'23).
• Total Pax Traffic increased by 11% YoY to 31.4 million in Q4FY24

FY24 Financial Highlights:

• Total Income: Rs 9,207 crore, increased by Rs 1,938 crore compared to FY23 (12M Mar'23).
• Net Income: Rs 6,860 crore, increased by Rs 1,506 crore compared to FY23 (12M Mar'23).
• EBITDA: Rs 3,418 crore, increased by Rs 1,117 crore compared to FY23 (12M Mar'23).
• PBT (Before exceptional items & share of JVs): Rs (976) crore, increased by Rs 99 crore compared to FY23 (12M Mar'23).
• Share of Profit from JVs / associates: Rs 225 crore, increased by Rs 139 crore compared to FY23 (12M Mar'23).
• Exceptional Item: Rs 115 crore, decreased by Rs 139 crore compared to FY23 (12M Mar'23).
• PBT: Rs (636) crore, increased by Rs 99 crore compared to FY23 (12M Mar'23).
• Profit After Tax (from continuing operations): Rs (829) crore, decreased by Rs 19 crore compared to FY23 (12M Mar'23).
• Delhi & Hyderabad Airports Pax Traffic in Mar’24 and FY24 show healthy momentum
  • Delhi Airport - Reached ~74 million Pax mark in FY24
  • Hyderabad Airport - Reached 25 million Pax mark in FY24

Result PDF

Construction & Engineering company GMR Airports Infrastructure announced Q3FY24 & 9MFY24 results:

Consolidated Q3FY24:
- Total Pax Traffic increased by 16% YoY to 28.2 million in Q3FY24.
- Total Income increased by 22% YoY to Rs 2,351 crore in Q3FY24.
- EBITDA increased by 16% YoY to Rs 793 crore in Q3FY24.

Consolidated 9MFY24:
- Total Income for 9MFY24: Rs 6,639 crore.
- EBITDA for 9MFY24: Rs 2,478 crore.
- PBT (Before Exceptional Items & Share of JVs) for 9MFY24: Rs 187 crore.
- Profit After Tax from continuing operations for Q3FY24: Rs 117 crore.

Merger Developments:
- GMR had announced the merger of GAL with GIL to simplify the corporate structure and enhance shareholder value. Approval from GIL equity shareholders was received in Dec'23.

Regulatory Developments:
- Delhi Airport received a favorable award in arbitration against AAI due to force majeure (COVID-19), excusing it from paying MAF for Mar'20 to Feb'22 and extending the OMDA term for 1 year and 11 months.
- Mopa Airport received a tariff order from AERA for the first control period until Mar'28, revising charges from Jan'24.

Debt and Financing:
- Raised Rs 2,475 crore through NCDs for Mopa Airport, with proceeds used for debt refinancing and expansion capex.
- Raised Rs 1,950 crore through bonds for GAL, with the gross debt at Rs 4,681 crore as of December 31, 2023.

Airports Operational Updates:
- Delhi Airport crossed the 54 million Pax mark.
- Hyderabad Airport crossed the 18.5 million Pax mark.
- Mopa Airport celebrated one year of operations with 1.2 million Pax in Q3FY24.

Awards and Recognitions:
- GMR Group received 6 awards at the Wings India Awards 2024.
- Hyderabad Airport rated as the world's second most punctual airport in 2023.

Expansion and Development:
- Delhi Airport's expansion to increase capacity to 100 million Pax is 97.7% complete as of Jan 25, 2024.
- Hyderabad Airport's expansion to increase capacity to 34 million Pax is 99.4% complete as of Jan 25, 2024.

Shareholding Changes:
- GAL's shareholding in GHIAL increased from 63% to 74% after acquiring a stake from Malaysia Airports Holding Berhad.

Result PDF

Construction & Engineering company GMR Airports Infrastructure announced Q1FY24 results:

• Robust Performance at Hyderabad & Delhi Airports.
• Hyderabad Airport handled the highest-ever quarterly Pax Traffic in Q1FY24.
• Total Pax Traffic increased by 26% YoY to 27.0 million in Q1FY24.
• Gross Revenue increased by 40% YoY to Rs 2,018 crore in Q1FY24 compared to Rs 1,439 crore in Q1FY23.
• EBITDA increased by 77% YoY to Rs 753 crore in Q1FY24 from Rs 424 crore in Q1FY23.
• Profit After Tax (from continuing operations) of Rs 15 crore in Q1FY24 compared to Rs (115) crore in Q1FY23.

Result PDF

Construction & Engineering company GMR Airports Infrastructure announced Q4FY23 & FY23 results:

• Gross Revenues:
  • FY23: up 45% YoY to Rs 66.9 billion
  • Q4FY23: up 7% QoQ; up 48% YoY to Rs 18.9 billion
• EBITDA:
  • FY23: down 18% YoY to Rs 17.2 billion
  • Q4FY23: down 51% QoQ; down 52% YoY to Rs 2.6 billion
    • YoY impacted due to the commencement of revenue share payment to AAI in DIAL from April 2022
    • QoQ impacted by a loss on settlement of derivatives instruments and write-offs in GHIAL
• Net profit after tax:
  • FY23: Loss of Rs 8.4 billion vs. loss of Rs 7.5 billion in FY22
  • Q4FY23: Loss of Rs 6.4 billion vs profit of Rs 1 billion in Q3FY23 and loss of Rs 1.3 billion in Q4FY22
• Net Debt declined by Rs 21 billion QoQ

Result PDF

GMR Infrastructure Construction & Engineering declares Q4FY22 result:

• Significant improvement in financial and operating parameters in FY2022 despite two covid waves and restrictions on airline capacity
• Net Revenue increased by 37% YoY to INR 4,377 Cr in FY2022
• EBITDA increased by 167% YoY to INR 2,103 Cr in FY2022
• Domestic traffic at our Indian airports reached near full recovery
• International traffic at our Indian airports is fast catching up Scheduled international operations began on March 27, 2022

Result PDF

Construction & Engineering firm GMR Infrastructure declares Q3FY22 result:

• Delhi Airport
  • Traffic improved by 82% YoY from 7.6 Mn in Q3FY21 to 13.8 Mn in Q3FY22. On a QoQ basis, traffic increased 61% in Q3FY22
  • Gross Revenue increased by 55% YoY from INR 525 Cr in Q3FY21 to INR 814 Cr in Q3FY22. On a QoQ basis, revenue increased by 20% in Q3FY22
  • EBITDA improved by 7.7x YoY from INR 71 Cr in Q3FY21 to INR 547 Cr in Q3FY22. On a QoQ basis, EBITDA increased by 44% in Q3FY22
  • Capex to increase capacity from 66 Mn pax to 100 Mn pax - achieved 53.3% completion as of December 31, 2021.
  • 76 domestic destinations connected as of December 31, 2021 (vs. 72 pre-covid). On international, 45 destinations are connected.
• ESG Initiatives, Recognition and Awards
  • Re-accredited in the Airports Council International (ACI) Airport Health Accreditation (AHA) programme
  • CEO of Delhi Airport declared as International Airport Review’s Person of the Year
• Hyderabad Airport
  • Traffic improved by 52% YoY from 2.9 Mn in Q3FY21 to 4.3 Mn in Q3FY22. On a QoQ basis, traffic increased 56% in Q3FY22
  • Gross revenue increased by 72% YoY from 130 Cr in Q3FY21 to INR 225 Cr in Q3FY22. On a QoQ basis, revenue increased 46% in Q3FY22
  • EBITDA improved by 3.2x YoY from INR 34 Cr in Q3FY21 to INR 110 Cr in Q3FY22. On a QoQ basis, EBITDA increased by 2.2x in Q3FY22
  • Capex to increase capacity from 12 Mn pax to 34 Mn pax - achieved 69.3% completion as on December 31, 2021.
  • 65 domestic destinations connected vs. pre-covid level of 55 and 16 International destinations connected in line with pre-covid time. ESG Initiatives, Recognition and Awards
  • ‘Certificate of Merit’ at the National Energy Conservation Awards 2021
  • ‘Excellency - Gold Award’ in Telangana State Energy Conservation Awards 2021
• Goa Airport
  • Construction & Development work is in full swing at multiple locations and the Airport is expected to be inaugurated during August 2022
  • Project has achieved Milestone IV in terms of Financial & Physical progress as outlined in the Concession Agreement. Achieved physical progress of 54% as of December 31, 2021 and 60% as of January 2022
  • Letter of Award for Construction of Expressway (NH 166S) connecting NH 66 to Mopa Airport is awarded and the Expressway is expected to be operational by mid of 2023
• Cebu Airport
  • Traffic increased by 2.3x YoY from ~0.12 Mn in Q3FY21 to ~0.29 Mn in Q3FY22. On a QoQ basis, traffic improved 8% in Q3FY22
  • Revenue increased by 10% YoY from INR 16 Cr in Q3FY21 to INR 18 Cr in Q3FY22. On a QoQ basis, revenue improved 7% in Q3FY22
  • With the 2022 election campaigning to begin shortly, we expect rapid increase in traffic 5
• Crete
  • Project is fully funded mainly through State Grant which is already received and Airport Modernisation & Development Tax. It is a completely debt free Project
  • Earthworks are progressing in multiple fronts of runway, taxiway, apron, terminal building, external access roads
  • ~9.3% financial progress is achieved with completion of ~75% of earthworks in airport area and 28% earthworks in access roads as of December 31, 2021
• Bhogapuram
  • Development of detailed design of the Airport is in progress
  • Land acquisition is in its last stages and R&R works in progress
• Medan
  • Received Letter of Award; Project scope includes operation, development and expansion of the airport over a period of 25 years
  • Airport handled more than 10 million pax in 2018; Medan is the 4th largest urban area in the country
• Nagpur
  • Post favorable judgement from Bombay High Court directing MIHAN to sign Concession Agreement (CA) and awaiting signing of the CA

Result PDF