Q3 2024 GMR Airports Infrastructure Ltd Earnings Call Transcript
Key Points
- GMR Airports Ltd (BOM:532754) reported a 22% year-on-year increase in total income for Q3 FY24, reaching INR23.5 billion.
- EBITDA grew by 16% year-on-year to INR7.9 billion, with an EBITDA margin of 46% for the quarter.
- Passenger traffic saw a 16% year-on-year growth, reaching 28.2 million passengers in Q3 FY24.
- The company received six prestigious awards at the Wings India Awards 2024, including recognition for Hyderabad airport as the second most punctual airport globally in 2023.
- GMR Airports Ltd (BOM:532754) successfully raised INR1,950 crore through three-year senior unsecured bonds and INR800 crore in unsecured listed rated NCDs to refinance its debt.
- Other expenses, including interest rates and depreciation, have increased, primarily due to CapEx at Hyderabad and Delhi airports.
- The gross debt in GMR Airports Ltd (BOM:532754) was about INR4,681 crore as of December 31, 2023, indicating a significant debt burden.
- The company is awaiting regulatory approval for the revised tariff for Delhi airport, which is expected to be implemented by October 1, 2024.
- Despite the positive financial performance, the company is not expecting any dividends from Delhi or Hyderabad airports for the current financial year.
- The high finance cost at the GAL level, due to non-cash flow-based funding, remains a concern until the non-aero revenues and margins improve.
Ladies and gentlemen, good day, and welcome to GMR Airports Infrastructure Limited conference call to discuss Q3 FY24 results. (Operator Instructions) Please note that this conference is being recorded. We have with us today, Mr. Saurabh Chawla, Executive Director, Finance and Strategy.
Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Also, recording or transcribing of this call without prior permission of management is strictly prohibited.
I now hand the conference over to Mr. Saurabh Chawla for the opening remarks. Thank you, and over to you, sir.
Thank you, and good evening, everyone. I'm delighted to welcome our shareholders, analysts, and other stakeholders to our Q3 fiscal '24 earnings call.
The December quarter was nothing short of eventful, not just for GMR, but also the economy and the markets. We ended the calendar year on a steady
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