GMR Infrastructure Limited, 1st Quarter 2009 Performance Highlights

Bangalore, 03rd August, 2009 :

Financial Highlights for Q-1, FY 2009-10

Particulars Q1-FY10 Q1-FY09 % Change
Gross Revenue 1,300.9 994.8 31%
Net Revenue 1,177.5 885.4 33%
EBITDA 321.3 238.8 35%
Interest 159.8 68.9 132%
Depreciation 137.3 79.9 72%
Other Income 12.1 7.2 68%
PBT 36.3 97.2 -63%
Taxation 12.3 10.2
PAT (Before minority interest) 24.0 87.0 -72%
PAT (after minority interest) 22.5 74.9 -70%

The EBITDA for the quarter has significantly gone up by 35%, evidencing remarkable upswing in the operating cash flows. The quarter's revenues and results of operations also include commencement of the three new road projects and capitalisation of several new assets in Delhi Airport. These new assets, as is normal in the capital intensive infra business, have resulted in substantial interest and depreciation charges, which caused the reported drop the PAT for the quarter.

Commenting on the performance of the quarter, Mr. G M Rao, Group Chairman said:

“We are continuing our focus on building business and institution. During the first quarter, we have acquired two key power plants, thereby adding 600 MW in India and 800 MW in Singapore. Won two prestigious road projects and achieved financial closure for Kamalanga Power project raising Rs. 4540 crore. We have also commenced operations in new domestic terminal for Delhi International Airport and the toll based sixth road project. Our Vemagiri power plant has achieved near full capacity with the signing of Gas Supply Agreement.” Overall, performance has been to our expectations “

Major developments during Quarter-I, FY 2009-10

Power Sector

  • The Vemagiri Power Plant is operating at full load at a PLF of 82.2%. ,pursuant to the signing of gas supply agreement
  • GMR Kamalanga Energy Ltd, a 1050 MW coal based power project has achieved financial closure
  • Homeland Energy Group Ltd., in its AGM on July 14, 2009 elected three directors, including the Chairman, representing GMR Group to its Board. Homeland Energy is a company listed in Toronto Stock Exchange and GMR Group holds 38% equity stake. Homeland Energy has coal mines in South Africa and has interest in uranium mines. Coal will provide necessary fuel-linkage for our thermal power plants
  • GMR Energy Ltd. (GEL) has acquired 100% ownership interest in EMCO Energy Ltd. on July 24, 2009. EMCO Energy is developing a 600 MW coal based power plant, in two phases of 300 MW capacity each, in Maharashtra

Airport Sector

  • GMR Hyderabad International Airport Ltd. (GHIAL) has been permitted to increase the Landing and Parking charges at the RGIA by 10%, with effect from July 01, 2009
  • Silk Air launched flights from Singapore to Hyderabad with effect from June 15, 2009
  • The construction work in Delhi International Airport Pvt. Ltd. (DIAL) for the integrated Terminal-3 is complete to an extent of 72%
  • DIAL has awarded Duty-Free concession to a consortium comprising Aer Rianta International of Ireland and Indian Duty Free Services to develop and operate Duty Free at Terminal -3
  • New terminal at Sabiha Gokcen International Airport, Istanbul, Turkey (SGIA) has achieved 78% completion and the project is on track for commercial operation by end October 2009.
  • New airlines have preferred SGIA, Istanbul, Turkey with new ground handling agreements being entered into with Tailwind Airlines, Germania, Air Memphis, Air Cairo and Zorlu Aviation

Urban Infra & Highways Sector

  • The company has won the bid for Hyderabad - Vijayawada (181 km) on 27th May 2009 with an estimated project cost of Rs 2200 crore
  • The company has won the bid for Chennai Outer Ring Road (30 km) on 18th June 2009 with an estimated project cost of Rs 1100 Cr. The concession period is for 20 years and includes construction time of 30 months. This is the Group’s first state highway project
  • The sixth road project, the toll based GMR Ulundurpet Expressways Private Limited (GUEPL) has achieved commercial operation on 24th July 2009. The Project completed within the agreed time schedule under the Concession Agreement with NHAI

Sector wise Financial Review

Net Revenues**

Sector Q1-FY10 Q1-FY09 % Change
Energy 635.6 511.4 24%
Roads 76.4 34.7 120%
Airports 324.0 276.9 17%
Others 141.5 62.4 127%
Total 1177.5 885.4 33%

** Note: Intersegment Revenues are adjusted in respective sectors

EBIDTA / Margin %

Sector Q1-FY10 Margin% Q1-FY09 Margin% % Change
Energy 94.9 15% 108.9 21% -13%
Roads 65.4 86% 28.7 83% 128%
Airports 117.4 36% 49.5 18% 137%
Others 43.6 31% 51.7 83% -16%
Total 321.3 27% 238.8 27% 35%