GMR Infrastructure Limited (GIL) Reports A Net Profit Of Rs 279.45 Crore For The Year
4th June, 2009.
GMR Infrastructure Limited (GIL) is pleased to release its consolidated financial performance as approved by the Company’s Board in its meeting held on June 4, 2009.
||%Change wrt Q4 FY08
||In Rs crore
The highlights of the financial performance are presented below
Highlights for Q4 FY 2008 - 09 Vs Q41 FY 2007 - 08:
- Gross Revenues up by 44.09% from Rs. 1001.72 crore to Rs. 1443.39 crore
- Net Revenues up by 49.98% from Rs.885.29 crore to Rs. 1327.79 crore
- EBITDA up by 88.66 % from Rs.151.7 crore to Rs. 286.2 crore
- PAT declined by 0.27% from Rs.41.28 crore to Rs. 41.17crore
- PAT (after minority interest) increased by 6.44% from Rs. 50.02 crore to Rs.53.24 crore
- Cash Profit (PAT before Minority plus depreciation plus deferred tax) increased by 24.90% from Rs. 104.52 crore to Rs. 130.55 crore
Highlights for FY 2008 - 09 Vs FY 2007 - 08:
- Gross Revenues up by 65.91% from Rs. 2697.91 crore to Rs. 4476.19 crore
- Net Revenues up by 75.15% from Rs. 2294.78 crore to Rs. 4019.22 crore
- EBITDA up by 78.28% from Rs. 598.50 crore to Rs. 1067.01 crore
- PAT (before minority interest) increased by 5.51% from Rs. 262.65 crore to Rs. 277.11 crore
- PAT (after minority interest) increased by 33.02 % from Rs. 210.08 crore to Rs.279.45 crore
- Cash Profit (PAT before Minority plus depreciation plus deferred tax) increased by 37.21% from Rs. 469.20 crore to Rs. 643.82 crore
- Cash accrual (Cash profit less Debt repayment) for the financial year was at Rs 303.49 crore
Commenting on the operations and results for the year and quarter, Mr. G M Rao, Group Chairman said:
“Despite the recessionary trends in the economy and the effects of the global meltdown, the GMR Group has been able to demonstrate peak revenue growth, spotless project execution, improved operational efficiency and timely funding for all its projects and acquisitions.”
Major developments during the financial year 2008-09 and other updates till date are:
- GMR Kamalanga Energy Ltd has achieved Financial Closure for the 1050 MW plant set up in Dhenkanal District in state of Orissa. The Debt Component of Rs 3405 crore has been tied up with 13 banks.
- GMR Group has acquired 100% ownership in Island Power Project, a Singapore based power utility currently developing an 800 MW Combined- cycle power facility in Jurong Island Singapore
- GMR Group has acquired 33.5% of Homeland Energy Group Ltd, a company that owns one producing coal mine and two Greenfield coal assets located in South Africa.
- GMR Group acquired 100% PT Barasentosa Lastari, a company that holds exclusive rights to two coal blocks located in South Sumatra Province of Indonesia.
- New Domestic Terminal (T1D) of Indira Gandhi International Airport, Delhi, was made operational with effect from April 19 2009 after extensive ORAT (Operational Readiness and Transfer) activities.
- Delhi Airport (DIAL) has awarded licenses for seven Asset Areas in the Hospitality District to the leading internationally reputed hotel developers/operators as a part of the Commercial Property Development.
- Our GMR Hyderabad Intl Airport (GHIAL) has been rated the best Indian Airport while Delhi Intl Airport stood third.
- The construction work for Terminal-3 is proceeding as per schedule. An overall progress of 65.28 % has been recorded till 30th April, 2009. With the completion of civil structural works at all 9 levels, Terminal 3 is entering into its final phase of completion.
- Novotel hotel, a 305 room hotel at GHIAL has commenced operations during Oct’08. The hotel is operated and managed by Accor Hotels a renowned international hotel chain.
- GHIAL has entered into an agreement with MAS Aerospace Engineering for setting up a 50:50 joint venture Maintenance, Report and Overhaul (MRO) company in Hyderabad.
- Taking over of Operations of Istanbul Sabiha Gokcen International Airport (ISGIA) in May 2008
Urban Infra & Highways
- GMR Jadcherla Expressways Private Limited (GJEPL), started commercial operations of the highways from February 12, 2009. Accordingly the financials for 48 days are included in the consolidated results.
- GMR Pochanpalli Expressways Private Limited (GPEPL) started commercial operations of the highway from March 26, 2009. Accordingly the financials for 6 days are included in the consolidated results.
- The sixth road project, toll based project, promoted by the company, i.e. GMR Ulundurpet Expressways Private Limited (GUEPL), is expected to achieve commercial operation in Q1 FY 10. The construction of the project is already completed and is awaiting clearance from NHAI to start commercial operation. On completion of this project, the Group will have a balanced portfolio of three toll assets and three annuity assets.
- The company has won the bid for Hyderabad - Vijayawada (181 km) on 27th May 2009 with an estimated project cost of Rs 2000 crore.
Awards & Recognitions
- GMR Group was awarded the 2008 IAHV Ethics in Business Award as the Outstanding Corporation at the European Parliament, Brussels.
- GMR Group has been selected to receive the award under the “Most Admired Company (Transport Developer)” category at the KPMG - Infrastructure Today Awards 2008.
- GIL received the ‘Infrastructure Excellence’ award from CNBC TV 18 on 25th March, 2009 for developing the Greenfield Rajiv Gandhi International Airport (RGIA).
- At the OAG Routes Airport Marketing Awards of the 14th World Route Development Forum that took place in Kuala Lumpur, Malaysia on 13th October 2008, GMR Group was adjudged the winner for Corporate Social Responsibility considering the work that GMR Varalakshmi Foundation (GMRVF) has undertaken in enhancing the quality of life in the communities living around the new Rajiv Gandhi International Airport (RGIA) in Hyderabad.
- Hyderabad Airport bags first place in the Routes Airport Marketing Awards in the Indian Subcontinent category.
- For the quarter, consolidated Net revenues have gone up by 49.98% from Rs. 885.29 crore to Rs.1327.79 crore.
- For the Financial year 2009, consolidated Net revenues registered a growth of 75.15% from Rs. 2294.78 crore to Rs. 4019.22 crore.
- The power sector revenues for the quarter have gone up by 4.29% from Rs. 622.53 crore to Rs.649.24 crore and for the financial year by 38.76% from Rs. 1541.20 crore to Rs.2138.71 crore.
- The Airport sector revenues for the quarter have gone up by 98.92% from Rs. 139.10 crore to Rs.276.71 crore and for the financial year by 154.79% from Rs. 473.42crore to Rs. 1206.24 crore.
- The Road sector revenues for the quarter have gone up by 31.92% from Rs. 34.90 crore to Rs. 46.04 crore and for the financial year by 8.73% from Rs. 139.70 crore to Rs. 151.90 crore.
- Other Sector revenues for the quarter have gone up by 300.84% from Rs.88.76 crore to Rs. 355.79 crore and for the financial year by 271.90% from Rs. 140.46 crore to Rs. 522.37 crore.
- For the quarter, power sector accounts for 49% of total revenues, Airports 21%, Roads 3% and others 27%.
||% to Total- FY09
||% to Total- FY08
The reasons for the Increase in the Net Revenues mainly on account of the following:-
- GMR Power corporation Pvt Ltd (GPCPL) revenues have increased on account of Higher PLF (80.31% vs 66.75%)
- Vemagiri Power Generation Ltd (VPGL) Revenues have also increased on account of higher operation days (FY-09 126 Days, FY-08 43 Days)
- GHIAL accounted for only nine days revenue in FY-08 while this year it has accounted for full year
- Post taking over of Operations of ISGIA in May 2008, we have consolidated ISGIA accounts Pro rata for 11months
The revenue has increased on account of the commencement of Commercial Operation of 3 New Road Projects (Two toll based and one Annuity Project)
Sector wise Performance
Sector wise EBITDA
||Q4 - FY-09
||Q4 - FY-08
The reason for the Increase in EBITDA is mainly on account of the following:-
- GPCPL General and administrative expenditure has come down by an amount of Rs 34Crs leading to an increased EBITDA
- Increased Plant utilization in VPGL (FY-09 126 Days, FY-08 43-Days)
- Three new projects commenced commercial operation during FY 09 and reduction in Expenditure in the existing projects.
- During the FY 07-08 GHIAL has charged off certain one-time expenditure like inception costs and revenue expenditure incurred during the construction period which is non recurring in nature and hence the deviation
- Hyderabad Menzies Aviation operational for less than a month last year was operational for the entire FY-09.
Sector wise EBITDA Margins
||Q4 - FY-09
||Q4 - FY-08