GMR Infrastructure Limited, 2nd Quarter 2009 Performance Highlights

Bangalore, 27th October, 2009 :

Financial Highlights for Q2, FY 2009-10 (Rs. Cr.)

Particulars Corresponding Quarter Sequential Quarter
Q2 FY10 Q2 FY09 % change Q2 FY10 Q1 FY10 % change
Net Revenue 1,194.29 846.81 41 1,194.29 1,177.52 1
EBITDA 380.06 247.14 54 380.06 321.26 18
Interest 177.14 70.86 150 177.14 159.75 11
Other Income 15.47 9.78 58 15.47 12.06 28
Depreciation 140.82 85.22 65 140.82 137.30 3
PBT 77.57 100.84 (23) 77.57 36.27 114
Tax 18.32 6.03 205 18.32 12.26 49
PAT* 53.61 90.00 (40) 53.61 22.53 138
Cash Profit 190.30 178.92 6 190.30 154.44 23

*After minority interest

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 2nd quarter FY10, we have acquired 100% ownership interest for 600 MW Thermal Power Plant from EMCO Energy Ltd. We have completed evaluation of BTG tender for the Plant for which the contract is to be signed shortly.

For our VPGL expansion, we have issued LOI to M/s L&T for EPC contract for 768 MW.

Our barge relocation plans from Mangalore to Kakinada is in place and the Plant will be in operation by March 2010 at Kakinada.

Project development plans for Kamalanga Thermal power project, Chattisgarh Thermal power project and Hydro projects are going forward in line with our plans.

We will be inaugurating Sabiha Gokcen International Airport at Istanbul, Turkey on 31st Oct'09 in a record time of 18 months, 12 months ahead of schedule, again demonstrating our execution capabilities.

The Passenger and Air traffic movements at our Delhi, Hyderabad and Istanbul Airports are increasing steadily.

Over all, the performance has been to our expectations"

Major developments during Quarter-II, FY10
Power Sector

  • EPC contract finalized with L&T for expansion of 768 MW Gas Based power plant at Vemagiri
  • On 24th July, GMR Energy acquired 100% ownership interest in EMCO Energy Ltd
  • Chennai Power Plant had an availability of 97.25% in Q2 FY10, as compared to 94.84% in Q2 FY09
  • Vemagiri Power Plant had an availability of 94.40% in Q2 FY10. (the Plant was not operational during the same period last year).
  • Kamalanga, Chattisgarh, EMCO and all Hydro projects are moving forward as per our plans
  • The Barge mounted power plant at Mangalore will move to Kakinada and will be in operation by March 2010, for which all relocation plans are being implemented.

Airports Sector

  • Passenger traffic has increased in Delhi, Hyderabad, Istanbul Airports by 21%, 7% and 35% respectively, in Q2 FY10 on corresponding quarter basis.
  • Air traffic movements has increased in Delhi, Hyderabad, Istanbul Airports by 8%, 7% and 32% respectively, in Q2 FY10 on corresponding quarter basis.
  • At Delhi Airport
    • 7 Land parcels for commercial property awarded
    • Development work on Terminal 3 is progressing as per schedule
    • JV agreement signed with Celebi for operating existing Cargo terminal at Delhi Airport
    • Agreement signed with East India Hotels for in-flight Catering Operations.
  • At Hyderabad Airport
    • 10% increase in landing and parking charges allowed, effective 1st Jul'09
    • Received CAPA Environment Award of the year - 2009.
    • Jet Airways has started daily flights to Dubai from 16th August, 2009
    • Transhipment Cargo Services commenced
    • Aviation SEZ notification completed
  • New terminal at Sabiha Gokcen International Airport, Istanbul, Turkey (SGIA) will be inauguarated on 31st Oct'09 and will be ready for commercial operation by 2nd week of Nov'09

Urban Infra & Highways Sector

  • GMR Ulundurpet Expressways Pvt.Ltd. commenced commercial operations on 24th July 2009
  • The Concession Agreement for Hyderabad Vijayawada Project signed on October 9, 2009
  • Qualified to submit RFP for 6 NHAI projects worth approx. Rs. 8,400 Crs

Sector wise Financial Review - Net Revenues (Rs. Cr.)

Sectors Corresponding Quarter Sequential Quarter
Q2 FY10 Q2 FY09 % change Q2 FY10 Q1 FY10 % change
Energy 539.50 431.90 25 539.50 629.32 (15)
Roads 87.46 34.91 151 87.46 76.42 15
Airports 346.40 330.56 5 346.40 321.17 7
EPC & others 220.93 49.44 347 220.93 150.61 56
Total 1194.29 846.81 41 1194.29 1177.52 1

Sector wise Financial Review - EBITDA (Rs. Cr.)

Sectors Corresponding Quarter Sequential Quarter
Q2 FY10 Q2 FY09 % change Q2 FY10 Q1 FY10 % change
Energy 140.33 142.19 (1) 140.33 94.94 48
Roads 66.25 29.09 128 66.25 65.35 1
Airports 120.29 44.55 170 120.29 117.38 2
EPC & others 53.19 31.31 70 53.19 43.59 22
Total 380.06 247.14 54 380.06 321.26 18