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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...
The events are lined up: For GMRI, the sum of the parts has always been greater than whole. Well, if not always, at-least a major part since its listing. Currently, the cash-cows and crown-jewels are smothered by loss making entities. That may not be the case in future for sure. Three events are lined up for the biggest re-rating: First, listing of airports arm; second, divestitures of roads, if required at a discount; and third, monetization of land banksboth DIAL/GHIAL and Special Investment region; they all signal the right capital allocation. Further, the incremental cash will chase hybrid /price monitoring model of airports and projects with scope of heavy...
GMR Infra has reported steady set of results in Q3FY18 vis-a-vis Q2FY18. Net revenues are up 15% QoQ to `1691cr and up 5% to `5102cr in 9MFY18. EBITDA is up 9% to ` 481cr in Q3 and down 20% to `1773cr in 9MFY18 reflecting the impact of fall in Delhi Airport tariff. Margin contracted 170 bps QoQ to 28.4% in Q3. Losses before minority interest/share in associates' loss have reduced from `233cr in Q2FY18 to `143cr in Q3FY18. Operational...
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...
GMR Infrastructure Limited (GIL) is engaged in generation of power, mining and exploration activities, development of highways, infrastructure development, such as development and maintenance of airports and special economic zone; construction business, including engineering, procurement and construction (EPC) contracting activities and operation of airports and special economic zones. The Company operates through the segments, including Airports, Power, Roads, EPC and Others. Its Airports segment is engaged in the development and operation of airports. Its Power segment is engaged in generation of power and provision of related services and...
GMR Infrastructure Limited (GIL) business spans across power generation, mining & exploration activities, and various infrastructure development projects like - highways, airports, and special economic zones. Company business operations are spread across the value chain right from EPC contracting activities to operating & maintenance of...
ICICI Securities Ltd | Retail Equity Research GMR Infrastructure (GMR) reported 30.3% YoY growth in revenues to | 3085.7 crore with 28.5% YoY growth to | 1508.3 crore in the energy...
Interest expense increased qoq despite repayment of debt from QIP and Kuwait Investment authority (KIA) proceeds as Chhattisgarh and Rajahmundry plants became operationalandduetoexceptionalexpenseatDIAL....
Topline was driven by ramp up of EMCO/Kamalanga power plants, which reported 83%/68%PLF.Airportdivisiontooreportedhealthygrowthintopline(+14%yoy). EBITDAmargins(36.1%,up1000bpsyoy)weredrivenbyEMCOandKamalangapower...
EBITDA margins (35.9%, up 780bps yoy) were higher than our (28.2%) and consensus (27.3%) expectations, driven by EMCO and Kamalanga power plants breaking even at the EBITDA level. Interest expense decline qoq on repayment of...
EBITDA margins at 29.2% (up 100bps yoy) were higher than our (25.6%) and consensus (27%) expectations, driven by EMCO and Kamalanga power plants breakingevenattheEBITDAlevel.AtthePATlevel,thecompanyreportedalossof...
