GMR Airports Infra

It is really after a very long time that one is able to see the company post a net profit and not smeared in deep red. For Q4FY13, the company has posted a net profit at Rs.579 crore  but this is more on account of a one-time gain of Rs.1231 crore accrued through sale of its 70% stake in subsidiary – GMR Energy Singapore .  But the entire performance cannot be brushed off; there is operational efficiency too. The company’s net revenue for the quarter rose 22% (YoY) at Rs.2571 crore and this was mainly on account of better and improved numbers from the airport sector. The company which runs the Delhi and Hyderabad airports,  showed a robust EBIT of Rs.552  crore and this was all thanks to the tariff hike by Delhi airport.  There was a 117% rise in DIAL’s gross revenue due to the revised tariff for FY13. The company ended FY13 with a consolidated net profit at Rs.88 crore v/s net loss of Rs.603 crore in FY12.

But its other segments did not do as well – the roads segment showed a 35% (YoY) drop in EBIT and the woe of the power segment was aggravated on account of fuel shortages and it posted a loss of Rs.144 crore, more than Rs.63 crore loss in Q4FY12 and loss of Rs.57 crore in Q3FY13. The performance of the EPC segment also improved, with EBIT coming in at Rs.63 crore v/s loss of Rs.43 crore (YoY). This was mainly due to the higher revenue realization from the highway vertical but it was also impacted due to postponement of Kishangarh-Udaipur road project.

The company’s interest outgo for the quarter was at Rs.608 crore and the consolidated interest outgo for FY13 was at Rs.2099 crore, up 27% (YoY). The company’s debt at end of FY13 stood at Rs.36,490 crore (long term borrowings + short term borrowings), up from Rs.32,730 crore for FY12.