Focus on growing airport business Amidst all the challenges in power and road sector, GMR has grown its airport assets from two to five (3 operational, 2 under development) which demonstrates company's ability to grow a high margin and positive cash flow business. Airport assets accounted for 53% of the revenues and 82% of EBITDA. Passenger traffic has grown at a 5-year CAGR of 10% and 12% at its two marquee assets Delhi and Hyderabad respectively and combined they handle ~73 mn passengers p.a. With a healthy balance sheet, both the airports are self-sufficient in funding the next leg of expansion. Aided by expansion of airports and monetization of...