Investor Presentation
Awaiting price reaction for this filing.
GMR Airports, India's largest and the world's 2nd-largest private airport operator, reported FY25 consolidated gross income of INR 108.4bn (+18% YoY) and EBITDA of INR 41.9bn (+23% YoY) at 51% margins, though it posted a net loss of INR 8.2bn. Passenger traffic at its operated Indian airports rose 9% YoY to 120.5mn in FY25, with Delhi handling 79.3mn and Hyderabad 29.5mn (both record highs). The AERA issued the long-awaited CP4 tariff order for Delhi Airport effective 16 Apr'25, which management says will drive significant improvement in aero revenue, profitability, and cash flows. Consolidated net debt rose 16% YoY to INR 315bn after INR 15bn NCB raise and Bhogapuram capex, while Delhi Airport won the ACI Best Airport award in Asia Pacific (40mn+ pax category) for the 7th straight year.
The new CP4 tariff order at Delhi is a major positive catalyst likely to boost aero revenue and cash flows from Q1FY26 onwards. However, rising net debt and continued net losses may cap near-term upside, though the Hyderabad subsidiary's INR 2.8bn dividend signals cash generation strength.