GMR Airports Infrastructure Ltd on October 24 reported a nearly 20 percent increase in its consolidated revenue to Rs 2,589.1 crore as against Rs 2,162.4 crore in the corresponding period of the previous fiscal, the company said in a regulatory filing.
At the operating level, EBITDA stood at Rs 962 crore in the second quarter of this fiscal over Rs 848 crore in the corresponding period in the previous fiscal. However, the company reported a consolidated net loss of Rs 256.5 crore for the second quarter that ended September 30, narrowing from a net loss of Rs 274.4 crore in the year-ago period.
EBITDA is earnings before interest, tax, depreciation, and amortisation.
The company mainly reported a net loss in Q2FY25 due to a 53 percent hike in finance costs to Rs 1,030 crore and a 27.5 percent on year rise in depreciation and amortization expenses to Rs 474.2 crore during the quarter.
Finance cost for GMR Airports includes costs incurred to issue bonds, debentures and loans to further expand capacity at the airport it operates and acquire new assets, thereby indicating that the company's aggressive expansion plans was leading to losses in the short term.
On the operational side, EBITDA margin fell to 37.2 percent in the reporting quarter as compared to 39.2 percent in the corresponding period in the previous fiscal.
Delhi Airport
In Q2 of FY25, the Delhi airport saw an increase in passenger traffic, reaching nearly 19.01 million passengers, a 7.6 percent rise compared to 17.66 million in Q2 of FY24.
The rise in domestic traffic seen in the July-September quarter was mainly due a 6.5 percent rise in domestic air passenger traffic seen in the quarter despite heavy rains.
Operations at Delhi Airport’s Terminal were impacted after a roof collapse by heavy rainfall, on June 28, which caused the death of one person and injuries to six other individuals. Delhi Airport’s Terminal 1 has been shut after the roof collapse incident. The accident prompted a comprehensive technical assessment before operations could resume.
Delhi International Airport Ltd (DIAL), the operator of India's largest airport, is also looking at increasing its international passenger traffic handling capacity by 40-50 percent in next 6-12 months.
On August 17, GMR Airports opened the new Terminal 1 at Delhi Airport, giving a significant boost to DIAL capacity, easing pressure on Terminals 2 and 3. Total capacity at DIAL now at 100 million passengers, the airport operator said in a statement.
"Currently, nearly 20% of overseas traffic at our airport is the transit traffic of passengers going from one international destination to another via Delhi, and this is growing. We are looking at various ways to increase our international capacity by 40-50 percent in a period of 6-12 months," Videh Kumar Jaipuriar, chief executive officer, Delhi International Airport Ltd, had said at the CAPA India Aviation Summit 2024 on June 7.
Delhi's Indira Gandhi International Airport has a maximum traffic handling capacity of around 104 million passengers per annum, including nearly 22 million international passengers and 82-83 million domestic.
The airport handled 19.5 million international passengers and 54.2 million domestic passengers in 2023-24, data from the Airports Authority of India (AAI) showed.
Hyderabad Airport
For Q2 of FY25, the Hyderabad airport experienced a 14 percent rise in passenger traffic, totaling 6.86 million passengers, from 6.015 million in Q2FY24.
Manohar International Airport - Goa Airport
For Q2 of FY25, the new Goa airport experienced a rise in passenger traffic, totaling 1.035 million passengers, a 15.6 percent increase from 895,156 passengers in Q2FY24.
The results came after the close of the market hours. Shares of GMR Airports Infrastructure Ltd ended at Rs 82.55, up by 0.5 percent on the BSE.
During the quarter GMR Airports acquired an additional 10 percent stake in Delhi International Airport Ltd, by acquiring stake from Fraport AG Frankfurt Airport Services Worldwide. After the acquisition is completed GMR Airports will own 74 percent of DIAL.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
