Particulars 1806 (3) 1706 (3) Var. (%) 1803 (12) 1703 (12) Var.(%) Operational Income 1747.21 2673.61 -35 8721.21 9556.82 -9 OPM(%) 24.9 31.7   25.1 33.8   OP 435.69 848.24 -49 2185.90 3231.48 -32 OI 128.95 115.00 12 553.04 482.28 15 PBIDT 564.64 963.24 -41 2738.94 3713.76 -26 Interest 502.74 504.13 0 2316.34 2128.00 9 PBDT 61.90 459.11 -87 422.60 1585.76 -73 Depreciation 243.16 250.62 -3 1028.40 1018.65 1 PBT (before Share of profit from JV/Assoc, Forex & EO) -181.26 208.49 PL -605.80 567.11 PL Share of profit from JV/Assoc -108.35 -118.60 -9 -431.36 -68.40 531 PBT (after Share of profit from JV/Assoc & Forex before EO) -289.61 89.89 PL -1037.16 498.71 PL Forex Loss/ (gain) 0.00 0.00   0.00 0.00   PBT before EO -289.61 89.89 PL -1037.16 498.71 PL EO Income 0.00 0.00   0.00 -385.70 -100 PBT after EO -289.61 89.89 PL -1037.16 113.01 PL Tax -51.98 210.88 LP 45.49 744.85 -94 PAT -237.63 -120.99 96 -1082.65 -631.84 71 Profit/ (Loss) [Net of tax] from - Discontinuing Operations 2.49 -15.61 LP -31.94 284.38 PL PAT after PL from Discontinued operations -235.14 -136.60 72 -1114.59 -347.46 221 Other comprehensive Income (net of tax) 45.75 29.63 54 -110.69 5.41 PL Non Controlling Interest -41.82 -51.58 -19 -256.95 -210.29 22 Total comprehensive income attributable to owners -231.21 -158.55 46 -1482.23 -552.34 168 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

 

 

Segment 1806 (3) 1706 (3) Var.(%) % to total 1803 (12) 1703 (12) Var.(%) % to total
Sales                
Airport 1246.77 1892.79 -34 68 5433.83 7085.38 -23 60
Power 72.92 374.51 -81 4 1565.36 1275.06 23 17
Roads 144.51 142.45 1 8 589.70 565.94 4 6
EPC 229.67 223.42 3 13 939.16 392.78 139 10
Others 142.58 101.88 1 8 573.36 915.39 -37 6
Total Sales 1836.45 2735.05 -33 100 9101.41 10234.55 -11 100
Inter Segm't Rev 89.24 61.44     380.20 677.73    
Net Sales 1747.21 2673.61 -35   8721.21 9556.82 -9 106
                 
PBIT                
Airport 276.55 686.93 -60 190 1605.26 2611.56 -39 145
Power -184.16 -167.77 10 -127 -599.88 -278.51 115 -54
Roads 53.03 56.57 -6 37 207.59 247.54 -16 19
EPC 16.81 4.42 280 12 15.89 -82.69 -119 1
Others -16.99 -23.99 -29 -12 -119.15 -36.83 224 -11
Total PBIT 145.24 556.16 -74 100 1109.71 2461.07 -55 100
LESS: Interest expenes 434.85 466.27     2146.87 1962.36    
Less :Other unallocable/EO expenses           385.70    
PBT -289.61 89.89 -422   -1037.16 113.01 PL  
Segment Assets                
Airport 16963.45 17054.39 -1 48 17080.76 16437.96 4 47
Power 8771.69 9864.35 -11 25 9174.53 9450.60 -3 25
Roads 3914.67 3876.45 1 11 4088.81 3973.10 3 11
EPC 1281.22 772.81 66 4 1102.79 740.91 49 3
Others 4761.99 4624.16 3 13 4567.26 4521.33 1 13
Total 35693.02 36192.16 -1 100 36014.15 35123.90 3 100
Asset classified as held for disposal 934.53 838.14     942.77      
Unallocated 1454.34 1164.87     1310.76 1999.87    
Total SA 38081.89 38195.17 0   38267.68 37123.77 3  
Segment Liabilities                
Airport 3843.12 3952.58 -3 48 3749.69 3606.04 4 46
Power 2359.79 2211.91 7 30 2642.78 1617.54 63 32
Roads 709.22 581.08 22 9 714.60 572.25 25 9
EPC 751.67 602.83 25 9 706.69 643.64 10 9
Others 307.73 349.12 -12 4 332.48 364.20 -9 4
Total 7971.53 7697.52 4 100 8146.24 6803.67 20 100
Liability classified as held for disposal 535.31 483.35     530.79      
Unallocated 24276.04 23106.62     23945.85 23264.27    
Total SL 32782.88 31287.49 5   32622.88 30067.94 8  
Note: Figures in Rs crore
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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

 

 

Particulars 1903 (3) 1803 (3) Var. (%) 1903 (12) 1803 (12) Var.(%)
Operational Income 1982.54 2109.36 -6 7564.88 8721.21 -13
OPM(%) 15.8 19.6   24.5 25.1  
OP 312.49 412.79 -24 1850.32 2185.90 -15
OI 311.09 114.99 171 719.84 483.04 49
PBIDT 623.58 527.78 18 2570.16 2668.94 -4
Interest 785.69 587.47 34 2684.15 2316.34 16
PBDT -162.11 -59.69 172 -113.99 352.60 -132
Depreciation 250.49 260.71 -4 983.96 1028.40 -4
PBT (before Share of profit from JV/Assoc, Forex & EO) -412.60 -320.40 29 -1097.95 -675.80 62
Share of profit from JV/Assoc 271.07 284.58 -5 -87.89 -431.36 -80
PBT (after Share of profit from JV/Assoc & Forex before EO) -141.53 -35.82 295 -1185.84 -1107.16 7
Forex Loss/ (gain) 3.51 -10.53 PL 155.69 -70.00 PL
PBT before EO -145.04 -25.29 474 -1341.53 -1037.16 29
EO Income -2212.30 0.00   -2212.30 0.00  
PBT after EO -2357.34 -25.29 9221 -3553.83 -1037.16 243
Tax -4.71 -38.29 -88 -87.42 45.49 -292
PAT -2352.63 13.00 PL -3466.41 -1082.65 220
Profit/ (Loss) [Net of tax] from - Discontinuing Operations 11.38 -8.13 LP 110.12 -31.94 LP
PAT after PL from Discontinued operations -2341.25 4.87 PL -3356.29 -1114.59 201
Other comprehensive Income (net of tax) -118.66 -48.85 143 173.63 -110.69 -257
Non Controlling Interest -15.03 -97.04 -85 -237.63 -256.95 -8
Total comprehensive income attributable to owners -2474.94 -141.02 999 -3420.29 -1482.23 131
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

 

 

Segment 1903 (3) 1803 (3) Var. (%) % to total 1903 (12) 1803 (12) Var.(%) % to total
Sales                
Airport 1357.44 1215.06 12 64 5278.01 5433.83 -3 66
Power 220.40 453.47 -51 10 617.23 1565.36 -61 8
Roads 151.02 152.36 -1 7 570.52 589.70 -3 7
EPC 213.25 228.79 -7 10 911.16 931.12 -2 11
Others 163.16 209.26 -2 8 597.76 581.40 3 7
Total Sales 2105.27 2258.94 -7 100 7974.68 9101.41 -12 100
Inter Segm't Rev 122.73 149.58     409.80 380.20    
Net Sales 1982.54 2109.36 -6   7564.88 8721.21 -13 107
                 
PBIT                
Airport 271.02 296.51 -9 63 1306.48 1605.26 -19 135
Power 153.06 248.73 -38 36 -392.79 -599.88 -35 -40
Roads 119.56 42.95 178 28 292.17 207.59 41 30
EPC 25.15 -32.25 LP 6 -36.45 15.89 PL -4
Others -138.20 -25.54 441 -32 -198.17 -119.15 66 -20
Total PBIT 430.59 530.40 -19 100 971.24 1109.71 -12 100
LESS: Interest expenes 575.63 555.69     2312.77 2146.87    
Less :Other unallocable/EO expenses                
PBT -145.04 -25.29 474   -1341.53 -1037.16 PL  
Segment Assets                
Airport 21311.81 17080.76 25 55 21311.81 17080.76 25 55
Power 7747.41 9174.53 -16 20 7747.41 9174.53 -16 20
Roads 3856.26 4088.81 -6 10 3856.26 4088.81 -6 10
EPC 1261.87 1102.79 14 3 1261.87 1102.79 14 3
Others 4461.18 4567.75 -2 12 4461.18 4567.75 -2 12
Total 38638.53 36014.64 7 100 38638.53 36014.64 7 100
Asset classified as held for disposal 28.91 942.77 -97   28.91 942.77    
Unallocated 1736.56 1329.58 31   1736.56 1329.58    
Total SA 40404.00 38286.99 6   40404.00 38286.99 6  
Segment Liabilities                
Airport 5212.75 3749.69 39 51 5212.75 3749.69 39 51
Power 2864.97 2642.66 8 28 2864.97 2642.66 8 28
Roads 909.70 714.60 27 9 909.70 714.60 27 9
EPC 819.47 706.69 16 8 819.47 706.69 16 8
Others 379.02 333.06 14 4 379.02 333.06 14 4
Total 10185.91 8146.70 25 100 10185.91 8146.70 25 100
Liability classified as held for disposal 60.08 530.80 -89   60.08 530.80    
Unallocated 28916.12 23964.68 21   28916.12 23964.68    
Total SL 39162.11 32642.18 20   39162.11 32642.18 20  
Note: Figures in Rs crore

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