Institutional Equities - Online Share Trading

Institutional Equities
1QFY12 performance
Revenue grew by 51% due to consolidation of Male airport, improvement in gas availability and also
project execution improved in the EPC segment. Traffic at Delhi and Hyderabad airports increased by
22% and 15% YoY, respectively, driving strong operating performance of these airports
Reported a loss of Rs667mn, mainly due to higher interest costs and depreciation charges due to
commissioning of T3 terminal at Delhi airport.
Interest expenses climbed higher by 56%YoY due to short-term loans taken for DIAL.
Management expects tariff charges to be fixed by the airport regulator by the end of CY11.Also expects
SGIA airport to turn around in the next 3-4 quarters.
Losses in road projects contracted, and the management expect a turnaround by the year-end.
Exhibit 16: Quarterly performance
Y/E March (Rsmn) 1QFY11 4QFY11 1QFY12 YoY (%) QoQ (%)
Net sales 12,313 19,620 18,635 51.3 (5.0)
Total Expenses 8,539 15,214 13,656 59.9 (10.2)
EBITDA 3,775 4,405 4,980 31.9 13.1
EBITDA margin (%) 30.7 22.5 26.7 - -
Other income 673 611 812 20.7 32.9
Depreciation 1,648 2,612 2,758 67.4 (6.3)
Interest 2,383 2,945 3,724 56.3 (137.8)
Exceptional item - (9,839) - - -
PBT 416 (9,930) (691) - -
Tax 98 764 655 568.4 (106.1)
Reported PAT 318 (10,693) (1,346) - -
Minority interest 34 624 679 - -
Adj PAT 284 (10,069) (667) - -
Source: Company, Nirmal Bang Institutional Equities Research
63 GMR Infrastructure