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Sunday, June 01, 2014

Cash Profit also significantly improved to Rs. 1,622 crores for the quarter

GMR has continued its streak of improvements in its operational and financial results in the current quarter. Gross Revenue for the quarter has increased by 12% from Rs. 2,638 crore to Rs. 2,961 crore. As Kamalanga & EMCO power plants have commissioned recently and are in its stabilization phase, EBITDA of Rs. 712 crore continues to be same level of last quarter.
Powered by the profit of Rs. 1,659 crore on divestment our 40% stake in ISGIA Airport, the Profit after Tax for the quarter has improved to Rs. 1,184 crore as against a loss of Rs. 414 crore for the previous quarter. Cash Profit also significantly improved to Rs. 1,622 crores for the quarter against a cash loss of Rs. 41 crore for the previous quarter.

Gross Revenue has grown for the year ended by 31st March,2014 by 7% to Rs. 10,653 crore and EBITDA has grown by 5% to Rs. 2595 crore. The increase is not reflected in Profits, as EMCO and Kamalanga plants are commissioned recently and the depreciation and interest charges have impacted the profit. Profit After Tax for the year is Rs. 108 crore against Rs. 135 crores for the previous year. The Cash profit for the year has increased from Rs. 1,175 crore to Rs. 1,563 crore.
Commenting on the performance during the Quarter, G M Rao, Group Chairman, said: “Despite an extremely challenging year with constraints on fuel and financing amongst other concerns, GMR has endeavored to focus on operationalisation of its projects. We successfully commissioned all units of EMCO and Kamalanga power plants and achieved commercial operation of Chennai Outer Ring Road.
As a part of our strategy for long term value creation for our shareholder and portfolio churning, we successfully divested our 40% stake in Sabiha Gokcen Airport in Istanbul.
Reflecting on our strong airports operator strategy, we along with our partner, Megawide, won the Mactan Cebu International Airport (MCIA) – a brownfield airport project in the Republic of Philippines. We have signed a 25 year concession agreement to renovate and expand the MCIA, the 2nd largest Airport in Philippines and a tourist gateway to the country.
The Group is now on a stable path with the right mix of assets, reduced debt levels and optimum cost utilization. We are happy to propose 10% dividend for the 2nd consecutive year as a token of appreciation and support to our shareholders. With our assets becoming operational and stabilizing, we expect the performance to improve in the coming year. We are optimistic that there will be resurgence in the Infrastructure sector and we are well poised to participate in this phase”