GMR Airports Q3 PAT soars 79% YoY to Rs 105 cr

GMR Airports Infrastructure's net profit from continuing operations surged 79.49% to Rs 104.82 crore in Q3 FY23 as against Rs 58.40 crore in Q3 FY22.

Revenue from operations increased 29.49% year on year (YoY) to Rs 1,766.36 crore in the quarter ended 31 December 2022.

The company reported profit before tax of Rs 127.10 crore, up 88.8% YoY from Rs 67.32 crore posted in Q3 FY22.

During the quarter, EBITDA de-grew 25.87% to Rs 530 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 Q3 FY23 as against 54% posted in Q3 FY22.

Total expenses jumped 51% YoY to Rs 2,094.71 crore in the quarter ended 31 December 2022. Cost of materials consumed stood at Rs 21.15 crore (up 24.27% YoY) and employee benefits expenses was at Rs 238.65 crore (up 16.43% YoY) in Q3 FY23.

As on 31 December 2022, the company's net debt stood at Rs 25,000 crore while its cash and cash equivalents was at Rs 4,900 crore.

GMR Airports 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 rose 0.79% to currently trade at Rs 38.45 on the BSE.

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