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

GMR Infrastructure: Consolidated Segment Results