GMR Infrastructure announces FY18 results

GMR Infrastructure announces FY18 results

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GMR Infrastructure Limited FY2018 Performance Highlights

  • Airport sector continues to witness high traffic growth of 15% for the year.
  • Non aero revenues grew by 18% in Delhi airport, 12% in Hyderabad airport and 33% in Cebu airport.
  • Received regulatory clarity on long pending issues for Delhi airport
  • Favorable judgment from TDSAT pertaining to issue of 1st control period
  • AERA has issued a Consultation Paper proposing applicability of Base Airport Charges (Floor Aeronautical Revenue)
  • Commenced construction of Goa airport during Q4-FY18.
  • Energy sector performance improved significantly on account of CERC orders&high PLF in Q4-FY18 in both Kamalanga &Warora power plants.
  • Warora profit increased by 35% YoY to Rs. 193 Cr from Rs. 143 Cr.
  • Kamalanga loss fall by 74% YoY to Rs. 78 Cr from loss of Rs. 298 Cr.
  • Indonesian Coal mines (PT GEMS) continue to excel with its profit increasing by 234% to Rs. 793 Cr for the year from Rs. 237 Cr for the last year.
  • Consolidated Cash Profit from continuing operations for the year was Rs. 347 Cr.

Business Highlights

Airports sector

Delhi Airport

  • Traffic grew by 14% for the year and 15% for the quarter as compared to corresponding period.
  • Non Aero revenue continues to show high growth with increase of 18% for the year to Rs. 1,800 Cr from Rs. 1,528 Cr.
  • Aero Revenues declined due to implementation of tariff order by AERA w.e.f. July 2017, however, the overall impact has reduced due to healthy growth in traffic and non-aero revenues.
  • TDSAT (the appellate tribunal) has passed order advising AERA to providereturn on Refundable Security Deposit (RSD),applicable from start of 1st control period, which were earlier given nil return.
  • AERA has recently issued a Consultation Paper proposing applicability of Base Airport Charges (Floor Aeronautical Revenue) which provides visibility of sustainable revenues and cash flow.

Hyderabad Airport

  • Traffic increased by 20% for year and 25% for the quarter as compared to corresponding period.
  • Revenue registered growth of 13% for the year to Rs. 1,249 Cr from Rs. 1,105Cr. Non aero revenues grew by 12% to Rs. 444 Cr from Rs. 397 Cr
  • Profitfor the year increased significantly by 39% to Rs. 603 Cr from Rs. 434 Cr.

Cebu Airport

  • Traffic increased by 12% for the year as well as for the quarter.
  • Revenue grew by 23% for the year to Rs. 315 Cr from Rs. 257 Cr with growth of 33% in non-aero revenue.
  • Profit increased by 24% for the year to Rs. 158 Cr from Rs. 128 Cr
  • Construction of new terminal is almost complete as per the schedule and expected to be opened next month.

Goa Airport

  • Commenced construction of the airport during Q4-FY18.

Energy sector

Kamalanga Plant

  • Clocked PLF of 65% for Q4-FY18 against 54% for the previous quarter. For the year, average PLF was at 61%.
  • The plant started getting coal under the Shakti scheme from Mar’18, which will further improve the operations.
  • Received favorable CERC orders for Change in Law and Coal Pass Through, which facilitated recognition of additional revenue of Rs. 354 Cr for FY18 (including arrears of Rs. 115 Cr).
  • Interest cost of the year reduced by Rs. 109 Cr due to pre-payment of term loans.
  • Owing to above, losses for the year reduced to Rs. 78 Cr from Rs. 298 Cr for the previous year.

Warora Plant

§ PLF for the quarter increased to 78% for Q4-FY18 against 65% for the previous quarter. For the year, PLF was maintained at 71%.

  1. Received favorable CERC orders for Change in Law and Coal Pass Through, which facilitated recognition of additional revenue of Rs. 279 Cr for FY18 (incl. arrears of Rs. 65 Cr).
  2. Interest reduced by Rs. 74 Cr for the year on account of reduction in rates and periodic repayments.
  3. Registered 35% increase in Profit for the year to Rs. 193 Cr from Rs. 143 Cr

Indonesia Coal Mine (PT GEMS)

  • Achieved sales volume of 17.1mn tonsCY17, an increase of 56% compared to previous year
  • Higher sales volume & improved realizations led to a 92% increase in revenues to Rs. 5,017 Cr
  • Profit increased by 234% for the year to Rs. 793 Cr from Rs. 237 Cr

Consolidated Financial Highlights for FY2018 [INR Cr]