GMR Infra likely to post loss of Rs 54 cr in Q2

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GMR Infra likely to post loss of Rs 54 cr in Q2

GMR Infrastructure is expected to report a consolidated loss of Rs 54 crore in the second quarter of FY12 as against loss of Rs 69 crore in the corresponding quarter of last fiscal.

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GMR Infrastructure is expected to report a consolidated loss of Rs 54 crore in the second quarter of FY12 as against loss of Rs 69 crore in the corresponding quarter of last fiscal.

Net sales are seen going up 38% to Rs 1,684 crore from Rs 1,222 crore during the same period.

EBITDA is likely to go up by 24% to Rs 443 crore in the July-September quarter of FY12 versus Rs 356 crore in a year ago period.

Operating profit margin is expected to be at 26.31% versus 29.15% year-on-year.

Expectations

Revenues to be boosted by strong performance in airports business and consolidation of Male airport

Higher interest and depreciation costs, lower merchant power realizations could dent earnings
-Expect depreciation costs to be high on account of commissioning of T-3 at Delhi airport

Post high court ruling in June quashing collection of ADF at DIAL, GMR approached AERA
-The decision regarding the same is still pending

GMR diluted 30% stake in GMR Energy (Singapore) Pte Ltd., during Q2FY12
* Sold 30% stake to Petronas International Corp.
* Sold stake at a 30% premium to its initial equity investment, implying deal value of around USD 50 million
* If gains from stake sale in the Singapore subsidiary are incorporated, losses could be reduced by around Rs 45 crore
* Value of GMR's stake in GMR Energy was a very small portion of the overall company valuation

GMR won one 555km project from NHAI during the quarter
*Company emerged L1 for India's largest road BOT Kishangarh-Udaipur-Ahmedabad section worth Rs 5500 crore

Plan to invest in an Indonesian Coal asset
-Company has plans of acquiring 30% stake in Indonesia's Golden Energy mines
-Company could be investing around USD 450 million for acquisition of stake in the coal mine

Key factors to watch for ---
-Traffic growth in airports segment
-Potential reversal in the high interest rate cycle
-Tariff fixation for DIAL and easing of airport regulatory concerns
-Fuel security for company's power plants