GMR Airports Infra net loss narrows in Q2 to Rs 195 cr

GMR Airports Infrastructure reported a net loss from continuing operations of Rs 195.02 crore in Q2 FY23 as against a net loss of Rs 501.70 crore in Q2 FY22.

Revenue from operations jumped 53.63% year on year (YoY) to Rs 1,588.4 crore in the quarter ended 30 September 2022.

The company reported a pre-tax loss of Rs 165.48 crore in Q2 FY23 as compared to a pre-tax loss of Rs 435.53 crore in Q2 FY22.

During the quarter, EBITDA de-grew 4.8% to Rs 472.7 crore as compared with the same period last year, mainly due to commencement of revenue share payment to AAI in Delhi Airport from April 2022. EBITDA margin slipped to 42% in Q2 FY23 as against 52% posted in Q2 FY22.

Total expenses jumped 52.4% YoY to Rs 1,931.87 crore in the quarter ended 30 September 2022. Cost of materials consumed stood at Rs 25.21 crore (up 35.3% YoY) and employee benefits expenses was at Rs 241.84 crore (up 42.2% YoY) in Q2 FY23.

As on 30 September 2022, the company's net debt stood at Rs 25,000 crore while its cash and cash equivalents was at Rs 4,600 crore.

GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones.

The scrip slipped 4.66% to currently trade at Rs 36.80 on the BSE.

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