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GMR Infrastructure Limited has posted a Rs 579.17-crore profit on a consolidated basis for the fourth quarter of financial year 2012-13, against a loss of Rs 366.16 crore last fiscal (2011-12).
Profits are higher due to the sale of a subsidiary — GMR Energy Singapore Pte Ltd for Rs 1,231.25 crore, which the company has shown as exceptional item and also due to improvement in Delhi airport’s performance on account of tariff revision.
The company’s income from operations is higher by 21.46 per cent, at Rs 2,592.52 crore, (over Rs 2,134.35 crore in the same quarter last year). The EPS was at Rs 1.49 (Rs 0.49).
As for the Q4 segment revenues, airports is Rs 1,731 crore (last year Rs 1,154.68 crore), power Rs 508.92 crore (Rs 533.05 crore), roads Rs 182.05 crore (Rs 103.68 crore), EPC Rs 250.30 crore (Rs 330.33 crore).
The board of directors has recommended a dividend of Rs 0.10 per equity share of Re 1 each for the year ended March 31, 2013.
Madhu Terdal, group CFO, told reporters the company is looking to monetise its three toll-road projects and is likely to exit the Istanbul airport investment around 2015.
G.M. Rao, group chairman, said “we have embarked on a ‘new asset-light right strategy’ last year, where we followed the principle of ‘develop, build, create value, divest and reinvest’. This approach will improve profitability and free cash flow by sweating existing assets, to achieve better operating efficiencies by increasing revenue and reducing cost.”
“Our annual performance is a reflection of the success of this approach, which we also strongly believe is a sustainable long-term business model for Indian infrastructure developers,” he added.
For the whole year (FY2012-13), the company posted a profit of Rs 88.12 crore, (Rs 603.34 crore). Revenues were up 17.72 per cent at Rs 9,974.86 crore (Rs 8,473.03 crore).
As for the segment revenues: Airports: Rs 6121.91 crore (previous year Rs 4,405.38 crore), power Rs 2,425.13 crore (Rs 2,374.99 crore), roads Rs 517.37 crore (Rs 405.64 crore), EPC Rs 1,453.72 crore (Rs 1,234.56 crore) and others Rs 545.71 crore (Rs 577.02 crore).
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