GMR Infrastructure Limited reported results for H1FY18.
Cash Profit from operations of Rs. 94 Cr for H1FY18
Hyderabad Airport profits increased by 72% to Rs. 251 Cr for H1FY18.
Hyderabad Airport declared dividend for second consecutive year with interim dividend of 15% for FY18.
Warora & Kamalanga continue on path of improved performance with Warora recording Profit for third consecutive quarter.
Significant improvement in financial results with over 50% reduction in losses.
Hyderabad Airport raises USD 350mn international bond at a coupon of 4.25% p.a. – Lowest USD 10-year bond coupon by a Corporate High Yield Issuer from Asia.
Key Business Highlights
Airports Sector –
Robust traffic growth in all the airports
Delhi Airport traffic increased to 31.16 mn during H1FY18 from 27.66 mn for H1FY17 (growth of 13%).
Hyderabad Airport traffic increased 8.50 mn during H1FY18 from 7.21 mn for H1FY2017 (growth of 18%).
Cebu Airport traffic increased to 5.13 mn during H1FY18 from 4.51 mn for H1FY17 (growth of 14%).
Third consecutive USD bond offering by GMR group in Hyderabad Airport
GMR Hyderabad International Airport successfully raised USD 350 mn bond with a tenor of 10 year having a coupon of 4.25% p.a. The proceeds of the offering will completely refinance the bank term loans and the ECB loan at Hyderabad Airport.
The offering is the Lowest USD 10-yr bond coupon by a Corporate High Yield Issuer from Asia and the Lowest USD bond coupon ever achieved by an Indian High Yield Issuer.
Hyderabad Airport shows consistent improvement in profitability
Hyderabad Airport reported net profit of INR 251 Cr as against INR 146 Cr for the corresponding half year period.
Energy Sector –
GMR Energy Limited – Plants improve their Profitability
GMR Warora Energy Ltd has reported a profit of INR 24 Cr for H1FY18 as against a loss of INR 50 Cr for the corresponding half year. The better performance is mainly on account of improved operational performance (PLF of 71% as against 61% for the corresponding period)
GMR Kamalanga Energy has reduced the losses to INR 85 Cr for H1FY18 from a loss of INR 189 Cr during H1FY17, an improvement of INR 104 Cr. The reduction is on account of better operational performance.
Indonesian Coal Mines –
Buoyed with improved coal prices and increased volume, Golden Energy Mines (JV between GMR and Sinarmas Group) records profits of INR 341 Cr for H1FY18 as against INR 25 Cr for the corresponding period.
Total sales for the period is at 6.6 mn tons against 5.4 mn ton for the corresponding period an increase of 21%.