Outlook: Over the FY13-17 period GVK revenue and EBITDA have grown at a CAGR of 7.8% and 15.7% respectively. The EBITDA margins of the company are consistently improving and stands at 32.9% during FY17. The aviation industry is expected to become the third largest market by 2020, and the passenger traffic is expected to increase to 421mn. In the Union Budget, the government has allotted a budget of about $14.98 million has been allocated to Airports Authority of India, of which $4.29 million has been attributed towards Pakyong, Sikkim project. The government has planned to allocate a sum of $11.80 million to Directorate General of Civil...