GMR AIRPORTS LIMITED — PPTs, 23-05-2025: Investor Presentation

1. Financial Highlights:

GMR Airports Limited reported consolidated revenue from operations at INR 2,860 Cr in Q4FY25, up 17% YoY. EBITDA rose 19% YoY to INR 1,120 Cr with a strong 51% margin. FY25 revenue increased 19% YoY to INR 10,400 Cr with EBITDA growing 23% YoY to INR 4,190 Cr, maintaining 51% margins. Despite better EBITDA, consolidated PAT remained negative at INR 820 Cr loss for FY25, slightly improved from last year. Net debt rose 16% YoY to INR 31,500 Cr, reflecting ongoing capex and debt-raising. Delhi Airport recorded Q4 revenue of INR 1,640 Cr (+24% YoY), EBITDA INR 530 Cr (+42% YoY) with 57% margin. Hyderabad and Goa airports also showed healthy growth. Passenger traffic across GAL airports grew 9% YoY to 120.5 million, with record volumes at Delhi (79.3 million) and Hyderabad (29.5 million).

2. Strategic Initiatives & Growth Drivers:

GAL is progressing large-scale real estate projects at Delhi and Hyderabad airports, leveraging over 2,500 acres of prime land. Greenfield projects like Bhogapuram (~69% complete) and Crete (~48% complete) are advancing. The new tariff regime at Delhi Airport is expected to significantly boost aero revenues and margins. Focus on non-aero business adjacencies and technology investments (AI operations, virtual kiosks) aims to diversify cash flows and improve passenger experience.

3. Business Developments:

GAL increased its stake in Delhi International Airport to 74% by acquiring Fraport’s 10%. GHIAL is acquiring full ownership of ESR GMR Logistics Park in Hyderabad to enhance logistics capabilities. GAL secured Delhi and Hyderabad duty-free concessions starting FY26 and took over Delhi Cargo terminal operations, strengthening airport services control. Fundraising included INR 1,500 Cr via Non-Convertible Bonds and further debt for Bhogapuram. Credit ratings upgrades reflect improved credit profiles.

4. Market Position & Competitive Advantage:

GAL is the world’s second largest private airport operator and India’s largest, handling 27.5% of national passenger traffic. Delhi and Hyderabad airports consistently rank among Asia Pacific’s best by ACI and Skytrax, showcasing operational excellence and premium service. Leadership in ESG with Level 5 Carbon Accreditation and renewable energy initiatives positions GAL as a sustainability pioneer in India.

5. Investor Implications:

Robust passenger volume growth, a supportive tariff environment, and diversified non-aero revenue streams signal positive growth potential. Large-scale real estate and adjacency expansions provide structural upside beyond core airport operations. Elevated debt and continued negative PAT pose execution and refinancing risks to watch. Technology and ESG initiatives enhance resiliency and future readiness, making GAL a thematic play on India’s aviation and infrastructure sector with improving cash flow prospects for shareholders.