GMR Airports Ltd:Annual Report 2023-24 Analysis

GMR Airports Ltd.: A Comprehensive Overview #

About the Company #

Year of Establishment and Founding History #

GMR Airports Ltd. (GAL) is part of the GMR Group, a leading infrastructure conglomerate. The company began its journey in airport infrastructure in 2006 with the development and operation of the Rajiv Gandhi International Airport in Hyderabad.

Headquarters Location and Global Presence #

The headquarters of GMR Airports Ltd. is located in New Delhi, India. GMR Airports has a significant presence in India and internationally, managing and developing airports in:

• India (Delhi, Hyderabad, Goa Mopa, Nagpur)
• Philippines (Mactan-Cebu International Airport)
• Greece (Crete International Airport)
• Indonesia (Kualanamu International Airport, Medan)

Company Vision and Mission #

While the publicly stated vision and mission may evolve, the core focus of GMR Airports is likely to be:

• Vision: To be a globally recognized leader in airport infrastructure development and management, creating world-class airport experiences.
• Mission: To develop, operate, and manage airports efficiently and sustainably, ensuring safety, security, and passenger satisfaction while contributing to economic growth.

Key Milestones in Their Growth Journey #

• 2006: Commissioning of Rajiv Gandhi International Airport, Hyderabad.
• 2006: Awarded the concession for Indira Gandhi International Airport, Delhi.
• 2010: Commissioning of the upgraded Indira Gandhi International Airport, Delhi.
• 2016: Awarded the concession for Mactan-Cebu International Airport, Philippines (partnership).
• 2019: Awarded the concession for Crete International Airport, Greece (partnership).
• 2022: Commissioning of Manohar International Airport, Goa Mopa.

Stock Exchange Listing Details and Market Capitalization #

GMR Airports Infrastructure Ltd. (GIL) is listed on the National Stock Exchange (NSE) and the Bombay Stock Exchange (BSE). The stock code is GMRINFRA.

Recent Financial Performance Highlights #

Recent financial performance information can be found on their investor relations page or through financial news outlets. Reviewing recent annual reports and quarterly earnings releases is crucial to understanding their current financial standing. Key indicators to look for include:

• Revenue growth
• Net profit/loss
• EBITDA margins
• Debt levels
• Passenger traffic growth

Management Team and Leadership Structure #

GMR Airports is led by a team of experienced professionals with expertise in infrastructure, finance, and airport management. G.B.S. Raju is the chairman.

Notable Awards or Recognitions #

GMR Airports and its operated airports have received several awards and recognitions for service quality, infrastructure development, and sustainability initiatives. Examples include:

• Awards for Airport Service Quality (ASQ) from Airports Council International (ACI).
• Awards for energy efficiency and environmental performance.
• Awards for safety and security measures.

Their Products #

Complete Product Portfolio with Categories #

GMR Airports’ “products” encompass a range of services and infrastructure offerings within the airport ecosystem:

• Airport Operations: Day-to-day management of airport terminals, runways, air traffic control, and other operational aspects.
• Airport Development: Construction, expansion, and modernization of airport infrastructure.
• Commercial Development: Management of retail spaces, food and beverage outlets, advertising, and other commercial activities within the airport.
• Cargo Handling: Providing cargo handling services.
• Ground Handling: Providing ground handling services.
• Aviation Training: Offering aviation training programs through associated institutions.
• Real Estate Development: Developing real estate projects around airport locations.

Flagship or Signature Product Lines #

• Indira Gandhi International Airport, Delhi: Regarded as a flagship project showcasing GMR’s ability to transform and operate a major international airport.
• Rajiv Gandhi International Airport, Hyderabad: Recognized for its innovation, efficiency, and passenger experience.

Key Technological Innovations or Patents #

GMR Airports has adopted various technologies to enhance airport operations, security, and passenger experience. These may include:

• Biometric identification systems for passenger processing.
• Advanced baggage handling systems.
• Smart airport technologies for real-time monitoring and control.
• Data analytics for optimizing airport operations and resource allocation.
• Sustainable technologies for energy efficiency and waste management.

Primary Customers #

Target Industries and Sectors #

GMR Airports serves a wide range of stakeholders in the aviation ecosystem:

• Airlines
• Passengers
• Cargo companies
• Retailers and food and beverage operators
• Government agencies (e.g., civil aviation authorities, customs)

Geographic Markets (Domestic vs. International) #

GMR Airports operates in both domestic and international markets, with a significant presence in India and expanding operations in Southeast Asia, Europe, and other regions.

Major Client Segments #

• Domestic and International Airlines: Forming the backbone of airport revenues through landing fees, parking charges, and other service fees.
• Passengers: Generating revenue through retail, food and beverage, and parking facilities.
• Cargo Operators: Utilizing cargo handling facilities and services.
• Government Agencies: Partnering with government agencies for regulatory compliance and infrastructure development.

Major Competitors #

Direct Competitors in India and Globally #

Key competitors in the Indian and global airport infrastructure market include:

• Adani Airports Holdings Ltd. (India)
• Airports Authority of India (AAI)
• Groupe ADP (France)
• Fraport (Germany)
• Changi Airport Group (Singapore)

Competitive Advantages and Disadvantages #

Advantages:

• Experience: Proven track record in developing and operating major international airports.
• Financial Strength: Backed by the GMR Group, providing access to capital for infrastructure projects.
• Technological Capabilities: Adoption of advanced technologies to enhance airport operations.
• Strategic Partnerships: Collaborations with international airport operators and technology providers.

Disadvantages:

• Regulatory Hurdles: Navigating complex regulatory environments and obtaining necessary approvals.
• Project Execution Risks: Managing construction risks and ensuring timely completion of airport projects.
• Economic Volatility: Vulnerability to economic downturns and fluctuations in passenger traffic.
• Competition: Facing intense competition from established airport operators.

How They Differentiate From Competitors #

GMR Airports differentiates itself through:

• Focus on customer experience.
• Operational efficiency.
• Technological innovation.
• Sustainable practices.
• Public-private partnership expertise.

Future Outlook #

Expansion Plans or Growth Strategy #

GMR Airports is likely to pursue growth through:

• Expanding existing airports: Increasing capacity and improving facilities at existing airport locations.
• Acquiring new airport concessions: Bidding for new airport projects in India and internationally.
• Developing airport cities: Creating integrated airport ecosystems with commercial and residential developments.
• Diversifying revenue streams: Expanding into related businesses such as cargo handling, ground handling, and aviation training.

Sustainability Initiatives or ESG Commitments #

GMR Airports is likely to increasingly focus on sustainability initiatives, including:

• Reducing carbon emissions through energy efficiency measures.
• Implementing waste management and recycling programs.
• Conserving water resources.
• Promoting biodiversity.
• Investing in renewable energy sources.

Industry Trends Affecting Their Business #

Key industry trends that will shape GMR Airports’ future include:

• Growth in air travel: Increasing demand for air travel, particularly in emerging markets.
• Technological advancements: Adoption of new technologies to improve airport efficiency and passenger experience.
• Sustainability concerns: Growing pressure to reduce the environmental impact of aviation.
• Changing passenger expectations: Demand for seamless and personalized airport experiences.
• Increased competition: Growing competition among airport operators.

GMR Airports Infrastructure Limited - Financial Analysis (FY 2023-24) #

Three-Year Trend Analysis of Key Financial Metrics (Consolidated) #

Note: Financial data for FY 2023-24 and FY 2022-23 reflects the performance of continuing operations. The merger of GMR Airports Limited (GAL) with GMR Airports Infrastructure Limited (GIL), effective July 25, 2024, with an appointed date of April 1, 2023, means FY2023-24 financials incorporate GAL’s performance. The prior year figures are for comparison.

Standalone Financial Performance (FY 2023-24 vs FY 2022-23) #

• Revenue from Operations: Increased by 31.92% from ₹623.25 Cr to ₹822.17 Cr, mainly due to higher non-aeronautical revenue, EPC revenue, consultancy, and other service revenues.
• Loss After Tax: Stood at ₹(1,340.58) Cr in FY24 compared to ₹(1,701.22) Cr in FY23. Exceptional items include impairment in carrying value of investments, loans/advances.

Business Segment Performance (FY 2023-24) #

Airport Operations (India) #

Delhi International Airport (DIAL) #

• Handled 73.7 Mn passengers (+12.8% YoY), its highest ever. International traffic grew 24.4%, domestic 9.1%.
• Cargo volume at 1.003 MMT (+12.0% YoY).
• Phase 3A expansion completed, increasing capacity to 100 MPPA. Eastern Cross Taxiway commissioned.
• ASQ score sustained at 5.00; Skytrax global rank improved to 36th. Achieved ACI Level 5 (Net Zero) Carbon Accreditation.
• AERA allowed extension of existing tariff; CP4 tariff proposal submitted. Favorable arbitration award on MAF (challenged by AAI).

Hyderabad International Airport (GHIAL) #

• Handled 25.04 Mn passengers (+19% YoY), its highest ever.
• Cargo at 157,193 MT (+10% YoY).
• Expansion mostly completed, increasing capacity to 34 MPPA.
• ASQ score maintained at 5.00; Skytrax global rank improved to 61st. Achieved ACI Level 4+ Carbon Accreditation.

Manohar International Airport, Mopa, Goa (GGIAL) #

• Handled 4.4 Mn passengers in its first full year of operations (FY24).
• Expansion to increase capacity from 4.4 MPPA to 7.7 MPPA is ~90% complete (as per Chairman’s message).
• AERA approved final tariff implemented from Jan 1, 2024. Skytrax rank 92nd.

Bhogapuram International Airport (GVIAL) #

• Construction started Dec 2023. ~30% physical progress by June 2024. COD expected Dec 2026.
• NIIF committed ₹675 Cr (₹395 Cr received).

Airport Operations (International) #

Medan, Kualanamu International Airport (Indonesia) #

Detailed Analysis #

GMR Airports Infrastructure Limited (FY 2023-24) Financial Analysis #

Revenue and Profitability #

• Consolidated Revenue: Increased by 31.18% to ₹8,754.56 crore (FY 2023-24) from ₹6,673.80 crore (FY 2022-23).
• Consolidated EBITDA: Increased by approximately 51.7% to ₹3,308.10 crore (FY 2023-24) from ₹2,180.22 crore (FY 2022-23).
• Consolidated PAT: Reported a loss of ₹828.77 crore (FY 2023-24), compared to a loss of ₹1,003.51 crore (FY 2022-23).
• Standalone Revenue: Increased by 31.92% to ₹822.17 crore (FY 2023-24) from ₹623.25 crore (FY 2022-23).
• Standalone Loss: Reported a loss of ₹2.13 crore (FY 2023-24), compared to a loss of ₹1,801.03 crore (FY 2022-23).

Market Share and Competitive Position #

• India Market Share (FY 2023-24):
  • Domestic Air Passenger Traffic: 25.9%
  • International Air Passenger Traffic: 34.2%
• Global Ranking: Largest private airport operator in Asia and 2nd largest globally by passenger handling capacity.
• Airport Rankings (Skytrax World Airport Awards 2024):
  • Delhi International Airport: Ranked 36th globally, Best Airport in India/South Asia for the 6th consecutive year.
  • Hyderabad International Airport: Ranked 61st globally, Winner of Best Airport Staff in India & South Asia 2024.
  • Manohar International Airport, Goa (Mopa): Ranked 92nd globally.
• Merger: GMR Airports Limited (GAL) merged with GMR Airports Infrastructure Limited (GIL) effective July 25, 2024. Market capitalization exceeded ₹1 lakh crore (as of July 31, 2024).
• Partnership: Strategic partnership with Groupe ADP.

Key Products/Services Performance #

• Overall Passenger Traffic: GIL operated airports handled approximately 121 million passengers in FY24, up from 100 million in FY23 (a 21% increase).
• Delhi International Airport (DIAL):
  • Passenger Traffic: 73.7 million in FY24, up 12.8% YoY.
  • Cargo Volume: 1.003 MMT in FY24, up 12.0% YoY.
  • Capacity: 100 MPPA.
• Hyderabad International Airport (GHIAL):
  • Passenger Traffic: 25.04 million in FY24, up 19% YoY.
  • Cargo Volume: Over 157,193 MT in FY24, up 10% YoY.
  • Capacity: 34 MPPA.
• Manohar International Airport, Goa (Mopa - GGIAL):
  • Passenger Traffic: 4.4 million (FY24).
  • Cargo Volume: 2,419 MT (FY24).
  • Market Share: ~40% of total Goa air traffic in FY24.
  • Capacity Expansion: Ongoing to increase capacity from 4.4 MPPA to 7.7 MPPA.
• Kualanamu International Airport, Medan (Indonesia):
  • Passenger Traffic (CY2023): ~7.4 million.
• Airport Adjacency Businesses: Operationalized non-aeronautical services at Hyderabad and Goa (Mopa). Awarded cargo terminal concession at Bhogapuram Airport. F&B operations started at Goa (Mopa) and awarded at Hyderabad.
• Airport Land Development (ALD):
  • Delhi Aerocity: Ongoing development.
  • Hyderabad Aerocity: Handover of ESR GMR Industrial Park, Schneider & Skyroot BTS facilities.
  • Goa Aerocity: Monetization of two hotel plots.

Geographic Distribution and Market Penetration #

• Operational Airports (India): Delhi, Hyderabad, Goa (Mopa), Bidar (Karnataka).
• Operational Airports (Overseas): Medan (Indonesia), Technical services to Mactan Cebu (Philippines).
• Airports Under Construction (India): Bhogapuram (Andhra Pradesh).
• Airports Under Construction (Overseas): Heraklion, Crete (Greece).
• Market Penetration (India): Handles over 1/4th of domestic and over 1/3rd of international passenger traffic.
• Future Expansion Focus (International): South Asia, Southeast Asia, Central Asia, Middle East, Eastern and Central Europe, Africa.
• Future Expansion Focus (India): Actively tracking regional airports privatization. Evaluating opportunities like second airports at Chennai and Pune, and greenfield airport at Puri (Odisha).

Capex and ROIC #

• Major Capex Projects:
  • Delhi International Airport (DIAL): Phase 3A expansion largely completed, ₹12,616 crores.
  • Hyderabad International Airport (GHIAL): Expansion largely completed.
  • Manohar International Airport, Goa (Mopa - GGIAL): Capacity expansion ongoing.
  • Bhogapuram International Airport (GVIAL): Construction started December 2023, ₹4,727 crores.
  • Crete International Airport (Greece): Construction progressing.
• Funding for Capex: Details on funding sources for each project.
• ROIC (Return on Invested Capital): Not explicitly detailed.

Operational Efficiency Metrics #

• Airport Service Quality (ASQ) Rating (ACI):
  • Delhi International Airport: Maintained 5.00.
  • Hyderabad International Airport: Maintained 5.00.
  • Manohar International Airport, Goa (Mopa): ASQ score >4.8.
• Punctuality: Hyderabad International Airport ranked 2nd Most On-Time Airport globally for 2023 by CIRIUM.
• Digitalization & Innovation: DigiYatra, Airport Operations Center (APOC), Self-Service, GMR Innovex.
• Sustainability & Environmental Efficiency: Net Zero, Clean Energy, Eastern Cross Taxiway (Delhi), Electric Vehicles (EVs), Biodiversity, Cybersecurity.

Growth Initiatives and Challenges #

• Growth Initiatives:
  • Merger of GAL with GIL: Simplifies corporate structure.
  • Organic Growth: Capacity expansion, development of new greenfield airports.
  • Inorganic Growth: Seeking to add airport concessions.

Risk Analysis of GMR Airports Infrastructure Limited (FY 2023-24) #

Introduction #

This report analyzes the key risk exposures for GMR Airports Infrastructure Limited (GIL) based on its 28th Annual Report for the Financial Year (FY) 2023-24. The analysis covers strategic, operational, financial, compliance/regulatory, and emerging risks.

Strategic Risks #

Overview #

Risks associated with GIL’s long-term business strategy, competitive positioning, market dynamics, partnerships, and inorganic growth. Key strategic pillars include airport development and operations, expansion into airport adjacencies, and airport land development (ALD). The recent merger of GMR Airports Limited (GAL) with GIL is a significant strategic move aimed at simplifying corporate structure and enhancing shareholder value.

Key Risk Drivers & Analysis #

Geopolitical and Global Economic Instability #

• Severity: High
• Likelihood: Medium
• Trend: Increasing
• Analysis: Conflicts (Russia-Ukraine, Israel-Palestine), global supply chain disruptions, and high interest rates pose threats to international travel demand and project financing costs. India’s economic resilience is a partial mitigator.
• Mitigation: Diversified portfolio across geographies (India, Indonesia, Greece), strategic partnership with Groupe ADP providing broader market access and expertise.
• Control Effectiveness: Moderate, as external factors are largely uncontrollable. Diversification and strong partnerships help absorb shocks.

GMR Airports Infrastructure Limited - Financial Analysis Report #

Long-Term Strategic Goals and Progress #

GMR Airports Infrastructure Limited (GIL) is strategically focused on strengthening its position as a leading global airport platform. Key long-term goals include:

• Consolidation and Simplification: The merger of GMR Airports Limited (GAL) and GMR Infra Developers Limited (GIDL) with GIL, effective July 25, 2024 (appointed date April 1, 2023), is a significant step. This aims to simplify the corporate structure, bringing public shareholders closer to airport assets and enhancing shareholder value. Groupe ADP has become a co-promoter as a result.
• Organic Growth through Capacity Expansion:
  • Delhi (DIAL) & Hyderabad (GHIAL): Major expansion projects are substantially complete, increasing Delhi’s capacity to 100 million passengers per annum (MPPA) and Hyderabad to 34 MPPA. This positions them to capture anticipated traffic growth.
  • Goa (GGIAL - Mopa): Manohar International Airport, commissioned in FY23, handled 4.4 MPPA in FY24. Expansion to 7.7 MPPA is ~90% complete.
  • Bhogapuram (GVIAL): Construction commenced in December 2023, with ~30% physical progress by June 2024. Expected COD is December 2026. NIIF has committed INR 675 crores (INR 395 crores received).
  • Crete, Greece: Construction is progressing, with COD expected by February 2027.
• Portfolio Rationalization and International Expansion:
  • Divestment of stake in Mactan Cebu International Airport (MCIA), Philippines, is ongoing while retaining technical service provision.
  • Successful bid and operational takeover of Kualanamu International Airport, Medan, Indonesia.
  • Actively seeking new airport concessions in India, Southeast Asia, Central Asia, Middle East, Eastern/Central Europe, and Africa.
• Airport Adjacency Business Development: A critical growth strategy involves building capabilities in Retail (including Duty-Free, F&B), Cargo, Car Parking, Operations & Maintenance (O&M), and Project Management Consultancy (PMC) services. This leverages existing airport development expertise. A JV with Travel Food Services (TFS) has been formed for F&B concessions.
• Airport Land Development (ALD): Moving up the real estate value chain from land leasing to self-development initiatives (office spaces, terminal hotels, retail) at Delhi, Hyderabad, and Goa to maximize monetization potential.
• Digitalization and Innovation: Enhancing passenger experience and operational efficiency through digital transformation (e.g., AOCC to APOC using AI, DigiYatra deployment, self-service facilities) and fostering innovation via GMR Innovex. Cybersecurity remains a key focus with a 24x7 Integrated Cyber Defense Center.
• Sustainability (ESG): Commitment to Net Zero by 2030. Delhi Airport achieved ACI Level 5 (Net Zero), and Hyderabad Airport ACI Level 4+. Initiatives include clean energy transition (150,000 tCO2 saved at Indian airports), EV adoption, biodiversity conservation, and studies on Sustainable Aviation Fuels (SAF).
• Financial Strengthening: Focus on improving liquidity and balance sheet strength through strategic fundraising at both corporate and asset levels to support growth and reduce liabilities.

Progress is evident in project completions/advancements, successful commissioning of new assets, strategic partnerships (Groupe ADP, NIIF), and initial wins in adjacency businesses.

Competitive Advantages and Market Positioning #

GIL possesses several competitive advantages:

• Market Leadership & Scale: Largest private airport operator in Asia and 2nd largest globally, with a passenger handling capacity exceeding 189 MPPA. Operational airports (Delhi, Hyderabad, Goa) handle over one-fourth of India’s domestic and over one-third of international traffic.
• Strategic Portfolio: Operates flagship airports like Delhi (India’s largest) and Hyderabad (pioneering greenfield). Diversified portfolio includes greenfield (Goa, Bhogapuram, Crete), brownfield (Delhi, Hyderabad, Medan), and international assets.
• Proven Execution Capability: Demonstrated expertise in designing, building, and operating complex airport infrastructure, including large-scale expansions and greenfield developments, often adhering to high quality and ESG standards.
• Strategic Partnership with Groupe ADP: This partnership provides financial strength, global operational expertise, access to best practices, and enhanced credibility for international bidding. Groupe ADP is now a co-promoter of GIL.
• Integrated Airport Platform Model: Unique credentials across greenfield development, brownfield operations, and a rapidly developing suite of adjacency businesses (Retail, F&B, Cargo, O&M, PMC), offering a holistic airport ecosystem.
• Airport Land Development Expertise: Capability to develop and monetize large land parcels adjacent to airports (Aerocity concept in Delhi and Hyderabad), creating additional revenue streams and enhancing airport value.
• Financial Acumen: Demonstrated ability to raise significant capital through diverse instruments (equity, bonds, NCDs, FCCBs, CCDs) at both HoldCo and SPV levels, and form financial partnerships (e.g., NIIF).
• Focus on Innovation & Passenger Experience: Commitment to deploying technology (AI, DigiYatra, APOC) to enhance operational efficiency and passenger satisfaction, reflected in high ASQ scores and Skytrax rankings.

These factors position GIL strongly to capitalize on the high-growth Indian aviation market and selectively pursue global opportunities.

Innovation Initiatives and R&D Effectiveness #

GIL is actively pursuing innovation and digitalization, driven by GMR Innovex, its innovation vertical.

• Key Initiatives:
  • Airport Operations Center (APOC): Transitioning from AOCC to APOC, an integrated system using AI-enabled predictive and prescriptive analytics to streamline passenger handling and improve turnaround times. This involves collaboration with Groupe ADP.
  • DigiYatra: Successful development and deployment of this facial recognition-based seamless travel experience at Indian airports.
  • Self-Service Technologies: Implementation of self-service baggage drop and self-biometric kiosks integrated with immigration systems.
  • Digital Cockpit Solution: For comprehensive KPI tracking across assets, fostering data-driven decision-making.
  • Gen AI Assistant: Rolled out to enhance employee productivity.
• GMR Innovex: Acts as the hub for innovation, engaging with startups, academic institutions, and ecosystem partners to develop next-generation solutions (digital and non-digital). Focus areas include e-boarding, image-based passenger processing, and full-body scanners. It also runs an “Innovex Fellowship Program.”
• Cybersecurity: A 24x7 Integrated Cyber Defense Center (ICDC) has been launched, with active monitoring and alignment of third-party cybersecurity. Successfully fended off a DDoS attack in May 2023.
• R&D Focus: Appears to be more on applied innovation, process improvement, and technology adoption rather than fundamental research. The emphasis is on enhancing customer experience, operational efficiency, and revenue generation.

GMR Airports Infrastructure Limited (GIL) - FY 2023-24 Analysis #

Company Overview and Strategic Transformation #

GMR Airports Infrastructure Limited (GIL) is a global airport infrastructure developer and operator with a significant presence in India and expanding international operations. FY 2023-24 was marked by the strategic merger of GMR Airports Limited (GAL) and GMR Infra Developers Limited (GIDL) into GIL, effective July 25, 2024 (appointed date April 1, 2023). This simplifies the corporate structure, aligns public shareholders with airport assets, and establishes Groupe ADP as a co-promoter (32.3% stake post-merger, with GMR Group holding 33.8% and public 33.9%). The merger and recent FCCB conversions have expanded GIL’s paid-up equity share capital to 10,55,89,75,952 shares, elevating its market capitalization to over INR 1 lakh Crore (as of July 31, 2024). The company is also progressing with a name change to GMR Airports Limited.

GIL operates major Indian airports including Delhi (DIAL), Hyderabad (GHIAL), and Goa (Mopa - GGIAL), collectively handling over one-fourth of India’s domestic and one-third of its international traffic. International operations include Medan (Indonesia) and technical services to Cebu (Philippines), with greenfield projects under development in Bhogapuram (Andhra Pradesh, India) and Crete (Greece). The company is strategically expanding into airport adjacency businesses (retail, duty-free, F&B, cargo, O&M, EPC/PMC) and airport land development (Aerocity concepts).

FY 2023-24 Performance Analysis #

Financial Performance (Consolidated) #

• Revenue from Operations: Increased by 31.18% to INR 8,754.56 crore in FY24 from INR 6,673.80 crore in FY23. This growth was driven by a surge in passenger traffic leading to higher aeronautical revenues, and increased contributions from non-aeronautical segments like duty-free, retail, F&B, cargo, and hospitality.
• EBITDA: Rose to INR 3,654.59 crore in FY24 from INR 2,423.57 crore in FY23, reflecting improved operational leverage and revenue growth.
• Profit After Tax (PAT) (Loss): The consolidated loss widened to INR (659.55) crore in FY24 from INR (57.04) crore in FY23, primarily due to increased finance costs (INR 2,830.16 Cr in FY24 vs INR 2,115.82 Cr in FY23) and higher depreciation & amortization expenses (INR 1,611.01 Cr in FY24 vs INR 1,386.69 Cr in FY23) associated with significant capital expenditure on airport expansions and new projects. Exceptional items also played a role, with a net gain of INR 115.08 crore in FY24 compared to a gain of INR 816.41 crore in FY23 (which included gains from the Cebu stake sale).
• Balance Sheet Strengthening: GIL and its subsidiaries undertook significant fundraising activities. At the erstwhile GAL level (now merged), INR 5,000 crore was raised via senior unsecured bonds for refinancing, equity investment in Bhogapuram, buy-out of MAHB’s 11% stake in GHIAL, and liquidity for new projects. DIAL raised INR 2,744 crore (NCDs), GHIAL INR 540 crore (NCDs), and GGIAL INR 2,475 crore (NCDs) for expansion, refinancing, and capex. GVIAL achieved financial closure for INR 3,215 crore.

Financial Analysis of GMR Airports Infrastructure Limited (FY 2023-24) #

Auditor’s Opinion and Qualifications #

Consolidated Financial Statements #

• Opinion: Unqualified. Walker Chandiok & Co LLP state that the consolidated financial statements give a true and fair view in conformity with Ind AS.
• Emphasis of Matter:
  • Uncertainty relating to the outcome of litigation concerning Passenger Service Fee (Security Component) - PSF (SC) Fund utilization at GMR Hyderabad International Airport Limited (GHIAL) (Note 41(v)(a) & (b)).
  • The revision of the