Bangalore: 15th November, 2014

GMR Infrastructure Limited, Q2 FY 15 Performance Highlights

The Group continues to consolidate and stabilize the operations through focusing on consistent growth across the various business verticals. Income from Operations for the quarter has increased by 11% from Rs. 2,419 crore to Rs. 2,682 crore and it has increased by 7% for the half year from Rs. 5,054 crore to Rs. 5,413 crore. The increase is powered by traffic growth in Delhi and Hyderabad airports and increased revenue in EMCO and Kamalanga, which are in the stabilization phase. On other hand, revenues from Turkey airport and Ulunderpet Expressways have not been accounted for during this quarter, due to divestment of these projects.

EBITDA for the quarter has increased by 2% from Rs. 576 crore to Rs. 590 crore and for the half year it has increased by 3% from Rs. 1,172 crore to Rs. 1,203 crore.

Key business highlights:-

 

  • Strengthening of Airport Portfolio by takeover of Mactan Cebu Airport: GMR Megawide Cebu Airport Corporation a Joint venture between GMR Group and Megawide Construction has taken over the operational control of Mactan Cebu International Airport on 1st November’ 14. This acquisition will further strengthen Group’s presence in the Airport Vertical.

 

  • Tariff extension in Delhi International Airport: Airport Economic Regulatory Authority of India (AERA) has extended the present tariff order for aeronautical services at the IGI Airport, New Delhi till 31st January 2015 or until the final determination of the tariffs for the second control period (i.e. 2014-2019), whichever is earlier.

 

  • Chattisgarh synchronization completed: First 685 MW unit of GMR Chattisgarh Energy Limited’s (1370 MW) supercritical coal-based thermal plant was synchronized with the Grid using fuel oil.

 

  • Creation of a Balanced Energy Portfolio: PDA signed with Govt of Nepal for 900MW Upper Karnali project.   The PDA signing is in line with Group’s strategy to create a balanced power portfolio. The financial closure of the project is expected to be achieved within September’ 2016.

Financial Highlights for Q2 FY15

 

[Rs in Crore)

 

 

Particulars

 Quarter ended Half year ended YearEnded
Sept 30,2014 June 30,2014 Sept 30,2013 Sep 30,2014 Sept 30,2013 Mar 31,2014
Income fromOperations 2,682 2,731 2,419 5,413 5,054 10,653
EBITDA 590 613 576 1,203 1,172 2,595
Finance costs 845 832 684 1,677 1,293 2,972
Other Income 101 65 81 161 135 316
Exceptional Items (18) (18) 37 (36) 92 1,820
Depreciation 475 453 333 928 644 1,455
PBT (651) (625) (322) (1,276) (539) 275
Tax 39 27 58 65 123 166
PAT before Minority (690) (652) (380) (1,341) (662) 108
PAT After Minority (610) (593) (393) (1,203) (719) 10

About GMR Infrastructure Limited:

 

GMR Infrastructure Ltd. is a Bangalore headquartered infrastructure group with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public‐private partnership model to build a portfolio of high quality assets. The Company has 15 power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 9 assets (including 2 in which the Group holds minority interest) across the country. In the Airports sector, the Company operates India’s busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the greenfield international airport at Hyderabad as a gateway to south and central India. The Group has been recently awarded the Mactan‐Cebu International Airport project in the Philippines for renovation, operation and maintenance with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which carries out work in 24 locations.

For further information about GMR Group, visit http://www.gmrgroup.in/index.html

GMR Infrastructure Limited is proposing, subject to market conditions and other considerations, a rights issue of its equity shares and has filed a Draft Letter of Offer with SEBI and the Stock Exchanges. The Draft Letter of Offer is available on the website of SEBI at www.sebi.gov.in and the website of the Lead Managers at www.jmfl.com, www.axiscapital.co.in, www.icicisecurities.com and www.sbicaps.com. Investors should note that investment in equity shares involves a high degree of risk and are requested to refer to the section titled “Risk Factors” of the Draft Letter of Offer for details of the same.

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