Shares of GMR Airports Infrastructure tumbled 10.28 percent to Rs 40.40 on May 29 after the company’s net loss for the March quarter widened to Rs 441.47 crore.
The airports operator had posted a loss of Rs 141.28 crore in the corresponding quarter of the previous fiscal year.
Despite the loss, GMR recorded a significant increase in revenue from operations, reaching Rs 1,894.62 crore, a growth of 47.6 percent compared to the Rs 1,283.60 crore logged in the fourth quarter of FY22.
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However, the company's EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) witnessed a decline of 52.5 percent year-on-year to Rs 259.3 crore.
GMR added that near term traffic may face supply side constraints, including due to the GoFirst bankruptcy and engine issues. However, it added that traffic is expected to gain momentum in the medium to long term from the increase in capacity of airlines and increased connectivity to tier-II and tier-III cities.
GMR Group is a global infrastructure conglomerate with a presence in sectors like energy, transportation, and urban infrastructure. GMR Airports has a passenger handling capacity of over 189 million annually.
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