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  • GMR Infrastructure
  • June 08,2019  11:36
  • GMR Infrastructure has registered 6% fall in consolidated sales to Rs 1982.54 crore for the quarter ended March 2019. Further with 380 bps contraction in OPM, the operating profit was down by 24% to Rs 312.49 crore. Eventually the net profit (total comprehensive income attributable to owners) was a loss of Rs 2474.94 crore (compared to a loss of Rs 141.02 crore in corresponding previous period) hit highly by higher interest and EO expenses.
    • Downside in revenue was largely due to fall in revenue of all business segments barring airports. Segment revenue of airports was up by 12% to Rs 1357.44 crore. But the segment revenue of power, roads, EPC and others was down by 51%, 1%, 7% and 2% respectively to Rs 220.40 crore, Rs 151.02 crore, Rs 213.25 crore and Rs 163.16 crore.
    • PBIT was down by 19% to Rs 430.59 crore hit by fall in segment profit of all business segments barring roads and EPC. Segment profit of roads despite lower sales was up by 178% to Rs 119.56 crore. Similarly that of EPC was a profit of Rs 25.15 crore compared to loss of Rs 32.25 crore in the corresponding previous period. But despite higher sales the segment profit of airport was down by 9% to Rs 271.02 crore. The segment profit of power was down by 38% to Rs 153.06 crore. The segment profit of others was a loss of Rs 138.20 crore up by 441%.
    • Other income though jumped up by 171% to Rs 311.09 crore, hurt by higher interest and depreciation as proportion to sales, it was a loss of Rs 412.60 crore at PBT (before JV profit & forex gain/loss) level compared to a loss of Rs 320.40 crore in the corresponding previous period. But with share of profit from associates/JV stand lower by 5% to Rs 271.07 crore, the PBT after share of JV profit but before forex gain) was a loss of Rs 141.53 crore compared to a loss of Rs 35.82 crore in the corresponding previous period.
    • Forex loss was Rs 3.51 crore compared to a gain of Rs 10.53 crore, the PBT before EO was a loss of Rs 145.04 crore compared to a loss of Rs 25.29 crore in the corresponding previous period. The EO expense was Rs 2212.40 crore compared to nil in the corresponding previous period. Exceptional Items includes one-time provisions undertaken in Non Airport Businesses with respect to Rajahmundry and Chhattisgarh Power Project to the full extent. Thus the PBT after EO was a loss of Rs 2357.34 crore compared to a loss of Rs 25.29 crore in the corresponding previous period.
    • Taxation for the quarter was a write back of Rs 4.71 crore compared to a provision of Rs 38.29 crore in the corresponding previous period. Thus the loss at PAT level was Rs 2352.63 crore compared to a profit of Rs 13 crore in the corresponding previous period. Profit from discontinued business was Rs 11.38 crore compared to a loss of Rs 8.13 crore in the corresponding previous period. Thus net loss was Rs 2341.25 crore compared to a profit of Rs 4.87 crore in the corresponding previous period.
    • The other comprehensive expense jumped up by 143% to Rs 118.66 crore. Non controlling interest was down by 85% to Rs 15.03 crore. Thus the total comprehensive income was a loss of Rs 2474.94 crore compared to a loss of Rs 141.02 crore in corresponding previous period.

    Yearly performance

    Consolidated sales were lower by 13% to Rs 7564.88 crore. Lower sales together with 60 bps contraction in OPM to 24.5% resulted in 15% fall in operating profit to Rs 1850.32 crore. After accounting for higher other income, higher interest and lower depreciation, the PBT was a loss of Rs 1097.95 crore compared to a loss of Rs 675.80 crore in the corresponding previous period. Share of loss from associates/Jv was lower by 80% to Rs 87.89 crore. Thus the loss at PBT after share of profit/loss from associate widened to Rs 1097.95 crore compared to a loss of Rs 675.80 crore in the corresponding previous period.

    Forex loss was Rs 155.69 crore compared to a gain of Rs 70 crore in the corresponding previous period. Thus the PBT before EO was a loss of Rs 1341.53 crore, which jumped by 29%. The EO loss was Rs 2212.30 crore compared to nil in the corresponding previous period. Thus the loss at PBT after EO magnified by 243% to Rs 3553.83 crore.

    Taxation was a write back of Rs 87.42 crore compared to a provision of Rs 45.49 crore in the corresponding previous period. Thus the PAT was a loss of Rs 3466.41 crore compared to a loss of Rs 1082.65 crore in the corresponding previous period. Eventually the total comprehensive income attributable to owners was a loss of Rs 3420.29 crore compared to a loss of Rs 1482.23 crore in the corresponding previous period.

    GMR Infrastructrue: Consolidated Result

     

    Particulars1903 (3)1803 (3)Var. (%)1903 (12)1803 (12)Var.(%)
    Operational Income1982.542109.36-67564.888721.21-13
    OPM(%)15.819.624.525.1
    OP312.49412.79-241850.322185.90-15
    OI311.09114.99171719.84483.0449
    PBIDT623.58527.78182570.162668.94-4
    Interest785.69587.47342684.152316.3416
    PBDT-162.11-59.69172-113.99352.60-132
    Depreciation250.49260.71-4983.961028.40-4
    PBT (before Share of profit from JV/Assoc, Forex & EO)-412.60-320.4029-1097.95-675.8062
    Share of profit from JV/Assoc271.07284.58-5-87.89-431.36-80
    PBT (after Share of profit from JV/Assoc & Forex before EO)-141.53-35.82295-1185.84-1107.167
    Forex Loss/ (gain)3.51-10.53PL155.69-70.00PL
    PBT before EO-145.04-25.29474-1341.53-1037.1629
    EO Income-2212.300.00-2212.300.00
    PBT after EO-2357.34-25.299221-3553.83-1037.16243
    Tax-4.71-38.29-88-87.4245.49-292
    PAT-2352.6313.00PL-3466.41-1082.65220
    Profit/ (Loss) [Net of tax] from - Discontinuing Operations 11.38-8.13LP110.12-31.94LP
    PAT after PL from Discontinued operations -2341.254.87PL-3356.29-1114.59201
    Other comprehensive Income (net of tax)-118.66-48.85143173.63-110.69-257
    Non Controlling Interest-15.03-97.04-85-237.63-256.95-8
    Total comprehensive income attributable to owners -2474.94-141.02999-3420.29-1482.23131
    EPS(Rs)*##
    *Annualised on current equity of Rs 603.59 crore; Face Value of Rs 1
    Figures in Rs crore
    # business being seasonal EPS is not annualised
    Source: Capitaline Corporate Databases

    GMR Infrastructure: Consolidated Segment Results

     

    Segment1903 (3)1803 (3)Var. (%)% to total1903 (12)1803 (12)Var.(%)% to total
    Sales
    Airport1357.441215.0612645278.015433.83-366
    Power220.40453.47-5110617.231565.36-618
    Roads151.02152.36-17570.52589.70-37
    EPC213.25228.79-710911.16931.12-211
    Others163.16209.26-28597.76581.4037
    Total Sales2105.272258.94-71007974.689101.41-12100
    Inter Segm't Rev122.73149.58409.80380.20
    Net Sales1982.542109.36-67564.888721.21-13107
    PBIT
    Airport271.02296.51-9631306.481605.26-19135
    Power153.06248.73-3836-392.79-599.88-35-40
    Roads119.5642.9517828292.17207.594130
    EPC25.15-32.25LP6-36.4515.89PL-4
    Others-138.20-25.54441-32-198.17-119.1566-20
    Total PBIT430.59530.40-19100971.241109.71-12100
    LESS: Interest expenes575.63555.692312.772146.87
    Less :Other unallocable/EO expenses
    PBT-145.04-25.29474-1341.53-1037.16PL
    Segment Assets
    Airport21311.8117080.76255521311.8117080.762555
    Power7747.419174.53-16207747.419174.53-1620
    Roads3856.264088.81-6103856.264088.81-610
    EPC1261.871102.791431261.871102.79143
    Others4461.184567.75-2124461.184567.75-212
    Total38638.5336014.64710038638.5336014.647100
    Asset classified as held for disposal28.91942.77-9728.91942.77
    Unallocated1736.561329.58311736.561329.58
    Total SA 40404.0038286.99640404.0038286.996
    Segment Liabilities
    Airport5212.753749.6939515212.753749.693951
    Power2864.972642.668282864.972642.66828
    Roads909.70714.60279909.70714.60279
    EPC819.47706.69168819.47706.69168
    Others379.02333.06144379.02333.06144
    Total10185.918146.702510010185.918146.7025100
    Liability classified as held for disposal60.08530.80-8960.08530.80
    Unallocated28916.1223964.682128916.1223964.68
    Total SL39162.1132642.182039162.1132642.1820
    Note: Figures in Rs crore

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