GMR Airports Infrastructure posts Q4FY23 loss at Rs 441.47 crore, revenue up 47.6%
GMR Airports Infrastructure posted revenue from operations at Rs 1894.62 crore, up 47.6 per cent as against Rs 1283.60 crore in the fourth quarter of FY22.
GMR Airports Infrastructure Limited posted its fiscal fourth quarter loss at Rs 441.47 crore as against loss of Rs 141.28 crore in the corresponding quarter last year. It posted revenue from operations at Rs 1894.62 crore, up 47.6 per cent as against Rs 1283.60 crore in the fourth quarter of FY22. The company registered a total income of Rs 2001.86 crore during the quarter while the total expenses were at Rs 2610.55 crore. The company EBITDA was at Rs 259.3 crore, down 52.5 per cent on-year.
While the near term traffic, GMR said, may face headwinds from supply side constraints including bankruptcy of GoFirst airline and engine issues, it added that traffic is expected to gain momentum in the medium to long term from: a) increase in airline capacity with Air India signing agreements to purchase 250 Airbus planes and 220 Boeing aircrafts and Indigo targeting to double its fleet size by 2030; b) addition of airline routes; and c) increased connectivity to tier-II and tier-III cities.
GMR domestic airports
In Delhi, GMR witnessed Pax traffic improvement by 49 per cent on-year from 11.9 million in Q4FY22 to 17.7 million in Q4FY23 and the gross revenue increased by 36 per cent YoY to Rs 1086 crore in Q4FY23. EBITDA, meanwhile, decreased by 49 per cent on-year due to commencement of revenue share payment to AAI from April 2022.
In Hyderabad, Pax traffic increased by 52 per cent from 3.8 million in Q4FY22 to 5.7 million in Q4FY23. The gross revenue increased by 81 per cent on-year to Rs 350 crore in the fourth quarter of the financial year. GMR is also increasing the capacity from 12 to 34 million pax, for which ~85 per cent of work is completed as on March 21, 2023.
The Mopa Airport in Goa commenced domestic operations from January 5, 2023 and IndiGo, Akasa, GoAir, Spicejet and Vistara already operational and international operation is expected to start from June/July 2023. Gross revenue for the quarter was at Rs 27 crore with EBITDA loss of Rs 29 crore. The airport is currently connecting 21 domestic destinations.
GMR has laid the foundation stone for the Bhogapuram airport in Visakhapatnam, Andhra Pradesh and the tender process is on for selection of EPC contractor.
GMR international airports
Medan airport in Indonesia started operations from July 7, 2022 and pax traffic has increased 11 per cent sequentially to 1.73 million in Q4FY23 and revenue during the quarter was at Rs 110 crore. The airport connects 18 domestic and 6 international destinations. In terms of Crete airport in Greece, overall progress of 19.86 percent has been achieved as of March 31, 2023. While the terminal building foundation work is completed, work is progressing on multiple fronts. The Cebu airport in Philippines witnessed Pax traffic increase of 233 per cent on-year to 1.87 million in Q4FY23 as against 0.56 million in Q4FY22. The airport connects 27 domestic and 10 international destinations.
GMR Group is a global infrastructure conglomerate with unparalleled expertise in designing, building, and operating airports, and has a significant presence in sectors like energy, transportation, and urban infrastructure. GMR Airports has a passenger handling capacity of over 189 million annually.