We met the management of GMR Infrastructure (GMR). The key takeaways are: - i) there have been regulatory developments that lend us comfort that aero revenues should stabilise at current levels despite overcollection of | 5200 crore during the second regulatory period (2014-19); the developments are:- a) on the issue of returns on RSD of | 1471 crore used for funding aeronautical assets, TDSAT, the appellate tribunal has ruled positively, directing the regulator to award appropriate returns on the security deposits vs. zero returns given earlier, b) AERA proposed that DIAL can charge BAC even if it is higher than ARR, ii) GMR would be...