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