GMR Airports Q1 Results: Loss Widens To Rs 212 Crore; To Raise Rs 6,000 Crore Via NCDs

GMR Airports Ltd.'s loss in the first quarter of this financial year widened to Rs 211.6 crore in comparison to loss of Rs 141.7 crore in the same quarter of the previous fiscal, according to its stock exchange notification on Tuesday.

Revenue increased 33% year-on-year for the three months ended June, reaching Rs 3,205.2 crore. Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 45% year-on-year to Rs 1,305.6 crore. The Ebitda margin expanded to 40.7%.

The total passenger traffic in the first quarter decreased 1.2% year-on-year to 19.3 million due to temporary disruptions in flight operations due to changed airspace conditions amid geopolitical events. Currently, the group operates airports in Delhi, Hyderabad, Goa, Indonesia and the Philippines. It is also developing a few other airports.

Additionally, the board has considered and approved issuance of rupee-denominated non-convertible bonds worth Rs 6,000 crore. The airport operator will raise the funds in one or more tranches or series on a private placement basis for refinancing of its existing non-convertible bonds.

The quarterly earnings were shared after market hours. The stock settled 0.64% higher at Rs 90.22 apiece on the NSE, compared to a 0.57% advance in the benchmark Nifty 50. GMR Airports' shares have fallen 7.23% in the last 12 months and risen 14.84% year-to-date.

Out of the four analysts tracking the company, three maintain a 'buy' rating and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 90 implies a downside of 0.2%.