Accumulate GMR Infra; target of Rs 23: PLilladher
Prabhudas Lilladher is bullish on GMR Infrastructure and has recommended accumulate rating on the stock with a target of Rs 23 in its May 31, 2013 research report.
June 05, 2013 / 13:29 IST
Prabhudas Lilladher`s research report on GMR Infrastructure
"GMR Infrastructure, A slow PAX growth at airports and lower power sales, coupled with weak EPC revenues, led to a flat QoQ growth in Q4FY13 revenues. For FY13, revenues (Rs97bn) grew by 16% YoY. Adjusted to exceptional gains, loss for FY13 stood at Rs5.7bn.""Pax traffic of DIAL was flat YoY and up 7.4% QoQ at 9.2m. For FY13, it was down by 4% YoY. ATMs were flat QoQ and down by 5.6% YoY, while for FY13, it was down 5% YoY. Cargo was flat QoQ and YoY and for FY13, it was down by 4%. HIAL experienced a flat YoY and QoQ Pax (2.1m), while for FY13, it was down by 3%. ATMs were down by 13% YoY and flat QoQ and for FY13, they came down by 9%. Cargo volumes were up by 9% YoY for Q4FY13 and 3% for FY13. Turkey Airport experienced a 15% YoY growth in Pax for Q4FY13 and 11% for FY13. Number of units sold in power de-grew by 59% YoY and 8.9% QoQ to 334m units and BOT Road traffic was up 7% YoY on an average. The company has reduced close to Rs35bn debt in FY13 from proceeds of asset sale. Consolidated airport EBITDA for Q4FY13 stood at Rs5.7bn (as against Rs7bn reported) on account of revision in aero charges at DIAL after adjusting one-time revenue from NACIL. Power, however, on a consolidated basis, experienced an EBITDA loss, mainly on account of lower PLFs in gas-based plants.""At CMP, the stock is trading at 1.2x FY15E P/BV. Asset sale in FY13 has eased off some pressure on financials. However, the company will have generated operational cash flows, going forward. Maintain .Accumulate,” says Prabhudas Lilladher research report. Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions. 
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