GMR Infrastructure Limited, 3rd Quarter 2009 Performance Highlights

Bangalore, January 29th, 2010 :

Financial Highlights for Q3, FY 2009-10 (Rs. Cr.)

Particulars Nine months ended Quarter ended
31st Dec’09 31st Dec’08 change 31st Dec’09 31st Dec’08 change
Net Revenue 3,441.6 2,691.4 28% 1,066.7 958.9 11%
EBITDA 1,049.7 780.4 35% 345.4 291.1 19%
Interest 499.6 253.0 98% 162.8 113.2 44%
Other Income 56.3 22.3 153% 31.8 8.7 268%
Depreciation 448.1 279.3 60% 170.0 114.3 49%
PBT 158.4 270.4 -41% 44.5 72.3 -38%
Tax 43.9 34.4 27% 13.3 18.2 -27%
PAT* 85.3 226.2 -62% 9.2 61.3 -85%
Cash Profit 538.9 513.3 5% 194.2 168.7 15%
Free cash Flow** 259.9 227.6 14.2% 90.8 29.3 210%

*After minority interest **( Cash Profit minus Loan repayment )

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

“The 3rd quarter has been special for us. We commissioned the Istanbul Sabiha Gocken International Airport (SGIA) in record 18 months, much ahead of schedule. The Turkish PM praised the construction and promised continuous support to the project.

We have made significant progress on initiatives across our businesses. We have acquired 70% stake in SJK Power Generation Ltd, a licencee for 1320 MW coal based power plant in MP. We have also signed BTG contract with Shanghai Electric Company for the 2x300 MW EMCO project.

Both, international and domestic airport sector has seen healthy increase in passenger traffic. Especially SGIA, has registered high growth in both passenger traffic and aircraft movements. At DIAL the construction of Terminal 3 is progressing as per schedule and a number of contracts have been signed in the area of Ground Handling, Cargo, Duty Free and F&B. We have also issued letters of award for the balance 6 land parcels in DIAL Hospitality District. At HIAL, agreements have been signed for engine maintenance training centre, airframe overhaul and aviation training.

In the Highways sector, we have signed concession agreements for Hyderabad-Vijayawada and Chennai Outer Ring Road projects. Process for creation of Highways Holding Company is underway

In this quarter we have put in place catalysts that drives growth across sectors in time to come“

Major developments during Quarter-III, FY10

Power Sector

  • BTG contract for 2x300 MW EMCO project has been signed with Shangai Electric Company, China
  • Acquired 70% stake in SJK Power Generation Limited, 1320 MW coal based power licensee in the State of Madhya Pradesh.
  • EPC contract for 768 MW GMR Rajahmundry Energy Limited has been awarded to L&T.
  • Relocation of Barge mounted Power Plant from Mangalore to Kakinada is in progress

Airports Sector

Delhi International Airport Pvt. Ltd. ( DIAL)

Status update on Terminal -3

  • The construction work for the integrated Terminal-3 is proceeding as per schedule. An overall progress of 85.34% has been recorded till 31st December 2009.

Award of Commercial Contracts

  • DIAL has signed Concession Agreement with Celebi Hava Services for Ground Handling.
  • Letter of award has been given to Cambata for Ground Handling.
  • DIAL has signed Concession Agreement with “Cargo Service Centre” (CSC) for Development, Finance, Operation and Management of Greenfield Cargo Terminal.
  • Letter of award issued for the balance land parcels in Hospitality District.
  • Agreement signed for :
    • 49.9% stake in Duty Free JV with Aer Rianta and Indian Duty Free Services.
    • 2. 40% stake in F&B with Travel Food Services & Devyani International .
    • 3. 26% stake in Greenfield cargo with Cargo Service Centre.

Traffic Update

  • DIAL witnessed 14% increase in total passenger traffic, 5% increase in aircraft movement and 5% increase in international cargo traffic in the first nine month of FY10 as compared to the same period of FY09.

GMR Hyderabad International Airport Ltd. ( GHIAL)

  • Gazette Notification received for the Aviation Sector Specific SEZ on October 20, 2009
  • Signed MoUs between Jet Airways & MAS GMR Aerospace engg. Co., (P) Ltd.for heavy maintenance services of their entire fleet of over 100 aircraft for a period of ten years.
  • Signed MOU between GHIAL & MACS ( Malayasian Airports Consulting Servies) for technical collbaration on commercial projects at RGIA.
  • Signed MOU between GHIAL & Asia Pacific flying training academy, for ab- initio pilot training
  • Agreement signed with CFM International for establishing an engine maintenance training centre.
  • Agreement signed with Airports Council International for establishing GMR Aviation Academy as a Global Training Hub for Asia Pacific region.
  • HIAL witnessed 3% increase in total passenger traffic, 1.5% decrease in aircraft movement and 14% increase in cargo traffic in the first nine month of FY10 as compared to the same period of FY09.

Urban Infra & Highways Sector

  • The Concession Agreement for Hyderabad Vijayawada project and Chennai Outer Ring Road project signed on 9th October and 5th December respectively
  • Qualified to submit RFP for 13 NHAI projects worth approx. Rs. 13,000 Crores

Urban Infra & Highways Sector

  • SGIA witnessed 58% increase in total passenger traffic, 52% increase in aircraft movement and 221% increase in cargo traffic in the first 9 month of FY10 as compared to the same period of FY09.
  • Turkish Airlines commenced international flights from the new terminal to 7 international destinations.

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

Sectors Nine months ended Quarter ended
31st Dec’09 31st Dec’08 % Change 31st Dec’09 31st Dec’08 % Change
Energy 1,610.7 1,489.5 8% 441.9 550.5 -20%
Roads 255.2 105.9 141% 91.3 36.3 152%
Airports 1,055.1 929.5 14% 387.5 322.0 20%
EPC & others 520.6 166.6 213% 146.0 50.1 192%
Total 3,441.5 2,691.4 28% 1,066.7 958.9 11%

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

Sectors Nine months ended Quarter ended
31st Dec’09 31st Dec’08 % Change 31st Dec’09 31st Dec’08 % Change
Energy 1,610.7 1,489.5 8% 441.9 550.5 -20%
Roads 255.2 105.9 141% 91.3 36.3 152%
Airports 1,055.1 929.5 14% 387.5 322.0 20%
EPC & others 520.6 166.6 213% 146.0 50.1 192%
Total 3,441.5 2,691.4 28% 1,066.7 958.9 11%