The Board of Directors has considered and approved the Audited Financial Results (Standalone and Consolidated) for the quarter ended year ended March 31, 2025
Awaiting price reaction for this filing.
GMR Airports Limited reported consolidated revenue from operations of Rs 10,414.24 crore for FY25, up about 19% from Rs 8,754.56 crore in FY24. EBITDA grew to Rs 4,187.58 crore (from Rs 3,418.20 crore), with margin improving to roughly 40.2% from 39%. Despite the revenue and EBITDA growth, the company continued to post a consolidated net loss of Rs 816.90 crore, only marginally better than the Rs 828.89 crore loss in FY24. Q4 FY25 standalone performance was weaker, with a loss of Rs 252.66 crore versus Rs 167.58 crore in Q4 FY24. The company's net worth is deeply negative at Rs (1,788.82) crore, worsened from Rs (869.66) crore a year ago, and the debt-equity ratio stands at (21.36) times. Auditor Walker Chandiok & Co LLP issued an unmodified opinion on the results, with an emphasis-of-matter paragraph highlighting the ongoing DIAL–AAI Monthly Annual Fee (MAF) litigation. The Delhi High Court ruled in DIAL's favour in March 2025, though AAI has filed a further appeal. Exceptional items of Rs 607.39 crore were recorded in FY25, compared with Rs 115.08 crore in FY24.
For shareholders, the picture is mixed: top-line growth and a slight improvement in EBITDA margin are positives, but persistent losses, negative net worth and an elevated debt profile remain key concerns. The favourable Delhi High Court ruling on the MAF dispute reduces a major historical overhang for the Delhi airport business, which could support cash flows and earnings over time if it holds on appeal.