Q2 2025 GMR Airports Ltd Earnings Call Transcript
Key Points
- GMR Airports Ltd (BOM:532754) reported a 20% year-on-year increase in total income for Q2 FY 2025, reaching INR26 billion, driven by traffic and tariff growth.
- Passenger traffic at Delhi Airport rose 8% year-on-year to 19 million passengers, and Hyderabad Airport saw a 14% increase to 6.9 million passengers.
- GMR Airports was recognized as the sole Indian airport developer in Newsweek's 2024 survey of the world's most trusted companies, ranking fifth globally in the transport logistics and packaging category.
- The company has completed significant expansions at Delhi and Hyderabad Airports, increasing their capacities to 100 million and 34 million passengers, respectively.
- GMR Airports secured INR63 billion in structured debt instruments from Abu Dhabi Investment Authority, which will help consolidate multiple lenders into a single source of long-term capital, reducing pledge of shares and mitigating refinancing risks.
- GMR Airports reported a loss from continuing operations of INR4.3 billion due to higher finance costs and depreciation following the completion of expansions at Delhi and Hyderabad Airports.
- Consolidated net debt increased by INR7 billion to INR287 billion, driven by borrowings for the Bhogapuram Greenfield project and capital expenditures at Delhi Airport.
- Non-aeronautical revenues at Hyderabad Airport remained flat year-on-year despite higher passenger volumes, attributed to ongoing renovations of retail and F&B stores.
- Interest expenses were higher due to the cancellation of old hedges during refinancing, resulting in a one-time cost of INR82 crore.
- The company's operating cash flow decreased by 40-45% year-on-year, impacted by the capitalization of assets and interest costs now being accounted for in the P&L.
Ladies and gentlemen. Good day and welcome to GMR Airports Limited formerly GMR Airports Infrastructure Limited conference call. To discuss Q2 and FY 2025 results. As a reminder, all participant lines will be in the listen-only mode. (Operator Instructions) Please note that this conference is being recorded.
We have with us today, Mr. Saurabh Chawla, Executive Director, Finance and Strategy. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties, also recording or transcribing of this call without prior permission of the management is strictly prohibited.
I now hand the conference over to Mr. Saurabh Chawla for the opening remarks. Thank you and over to you, sir.
Thank you and good afternoon everyone. I welcome our shareholders, analysts and other stakeholders to a quarter two fiscal '25 earnings call. Q2 has set right -- has set the right momentum going
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