The operator of India’s busiest airport in Delhi posted a loss of Rs 486 crore in the October-December quarter from a net profit of Rs 106 crore a year earlier. Revenue rose 26% to Rs 2,227 crore, but finance cost increased 45% to Rs 857 crore.
In a note in its earnings statement, GMR said the costs included a foreign exchange loss of Rs 65.04 crore for the December quarter on account of foreign currency convertible bonds issued to Aeroports De Paris.
French airports major Aéroports de Paris (Groupe ADP) and GMR Airports Infrastructure Ltd (GIL), are co-shareholders with 49% and 51%-stakes respectively in the airport holding GMR Airports Ltd (GAL). By the middle of 2024, GIL and GAL will be merged.
Groupe ADP will hold 32.3% stake in the new company, GMR will hold 33.7% while the remainder of shares will be with the public.
GMR has been consistently raising low cost debt to refinance expensive borrowings. Last month, it raised Rs 1,950 crore through 3-year senior unsecured bonds and used proceeds to refinance existing debt. It also raised Rs 800 crore in unsecured, listed, rated non-convertible debentures (NCD) in Dec. Its airport in Goa raised Rs 2,475 crore through NCDs.GMR’s Delhi and Hyderabad airports registered an increase in operating profits while profit at its airport in Indonesia fell.The GMR Group has nine airport assets under operation or in various stages of development. Of these, Delhi, Hyderabad, Goa and Cebu in the Philippines are operational while Bhogapuram (Andhra Pradesh), Bidar (Karnataka), Crete (Greece) and Medan (Indonesia) are under development. It has won a bid for the Nagpur airport.
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