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    HomeNewsBusinessStocksReduce GMR Airports Infrastructure; target of Rs 85: ICICI Securities

    Reduce GMR Airports Infrastructure; target of Rs 85: ICICI Securities

    ICICI Securities recommended reduce rating on GMR Airports Infrastructure with a target price of Rs 85 in its research report dated August 15, 2024.

    Broker Research
    August 22, 2024 / 12:38 IST
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    ICICI Securities research report on GMR Airports Infrastructure

    GMR Airports Infrastructure’s (GMRI) deal with strategic investor has reached its conclusion with strategic investor now holding shares of the listed entity. This will also lead to simplification of group structure. Grupo ADP, the strategic investor, had invested in Feb‘20 in the subsidiary of the listed company. Also, the existing FCCB from KIA has been converted into equity. Total share capital being issued has increased from INR 6bn to INR 10.5bn. As a result, market cap of listed entities is now close to INR 1trn. In Q1FY25, traffic grew 7% YoY, a tad lower than the recent growth trajectory.

    Outlook

    We believe GMRI should be a profitable entity in FY26E with new tariff order likely by FY25-end. We maintain REDUCE on expensive valuations with TP of INR 85 (vs INR 75 earlier).

    For all recommendations report, click here

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    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.

    GMR Airports Infrastructure - 220824 - isc

    Broker Research
    first published: Aug 22, 2024 12:38 pm

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