Turkish airport stake sale boosts GMR's Q4 PAT to Rs 1,170 cr

GMR Infrastructure Ltd today said its Profit After Tax (after minority interest) for the quarter ended March 31, rose by over two-fold to Rs 1,170 crore against Rs 579 crore during the same quarter in FY'14.

The surge in the profit is mainly due to offloading its 40% stake in ISGIA Airport, Turkey, the company said in a statement here.

Gross Revenue for the fourth quarter increased by 12% to Rs 2,961 crore from Rs 2,638 crore.

PAT for the full year FY 14 was down to Rs 10 crore against Rs 88 crore during the previous fiscal, while gross revenue stood at Rs 10653 crore against Rs 9,975 crore.

The Group was able to get Rs 1,659 crore towards the sale of its stake in the Turkish Airport to Malaysian Airports Holdings BDH during the fourth quarter.

Group Chairman G M Rao said the stake in the Turkish airport was sold as a part of the company's strategy for long term value creation for shareholders and portfolio churning.

Revenues from Airports operations stood at Rs 6,023 crore during the financial year against Rs 6,122 crore during FY'13.

GMR, which currently manages two international airports in India- Delhi and Hyderabad along with its partner-Megawide, won the Mactan Cebu International Airport (MCIA) - a brown-field airport project in the Republic of Philippines.

The consortium has signed a 25 years concession agreement to renovate and expand the MCIA, the second largest airport in Philippines and a tourist gateway to the country.

Delhi Airport witnessed 7% growth in passenger traffic and 11% in cargo, while Hyderabad clocked four% passenger growth and 7% cargo growth.

Gross revenues from power business stood at Rs 3,343 crore in FY 14 against Rs 2,430 crore during 2012-13.

Despite an extremely challenging year with constraints on fuel and financing amongst other concerns, GMR has endeavoured to focus on operationalisation of its projects, GM Rao said in the statement.

The company has 15 power generation assets, of which eight are operational and 7 are under various stages of development.

The Group proposes to give 10% dividend for the second consecutive year, Rao said.