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GMR Infrastructure
Loss zooms on higher EO and higher interest
Jun 08, 2019 06:06 IST capital market
GMR Infrastructure has registered 6% fall in consolidated sales to Rs 1982.54 crore for the quarter ended March 2019. Further with 380 bps contraction in OPM, the operating profit was down by 24% to Rs 312.49 crore. Eventually the net profit (total comprehensive income attributable to owners) was a loss of Rs 2474.94 crore (compared to a loss of Rs 141.02 crore in corresponding previous period) hit highly by higher interest and EO expenses.
- Downside in revenue was largely due to fall in revenue of all business segments barring airports. Segment revenue of airports was up by 12% to Rs 1357.44 crore. But the segment revenue of power, roads, EPC and others was down by 51%, 1%, 7% and 2% respectively to Rs 220.40 crore, Rs 151.02 crore, Rs 213.25 crore and Rs 163.16 crore.
- PBIT was down by 19% to Rs 430.59 crore hit by fall in segment profit of all business segments barring roads and EPC. Segment profit of roads despite lower sales was up by 178% to Rs 119.56 crore. Similarly that of EPC was a profit of Rs 25.15 crore compared to loss of Rs 32.25 crore in the corresponding previous period. But despite higher sales the segment profit of airport was down by 9% to Rs 271.02 crore. The segment profit of power was down by 38% to Rs 153.06 crore. The segment profit of others was a loss of Rs 138.20 crore up by 441%.
- Other income though jumped up by 171% to Rs 311.09 crore, hurt by higher interest and depreciation as proportion to sales, it was a loss of Rs 412.60 crore at PBT (before JV profit & forex gain/loss) level compared to a loss of Rs 320.40 crore in the corresponding previous period. But with share of profit from associates/JV stand lower by 5% to Rs 271.07 crore, the PBT after share of JV profit but before forex gain) was a loss of Rs 141.53 crore compared to a loss of Rs 35.82 crore in the corresponding previous period.
- Forex loss was Rs 3.51 crore compared to a gain of Rs 10.53 crore, the PBT before EO was a loss of Rs 145.04 crore compared to a loss of Rs 25.29 crore in the corresponding previous period. The EO expense was Rs 2212.40 crore compared to nil in the corresponding previous period. Exceptional Items includes one-time provisions undertaken in Non Airport Businesses with respect to Rajahmundry and Chhattisgarh Power Project to the full extent. Thus the PBT after EO was a loss of Rs 2357.34 crore compared to a loss of Rs 25.29 crore in the corresponding previous period.
- Taxation for the quarter was a write back of Rs 4.71 crore compared to a provision of Rs 38.29 crore in the corresponding previous period. Thus the loss at PAT level was Rs 2352.63 crore compared to a profit of Rs 13 crore in the corresponding previous period. Profit from discontinued business was Rs 11.38 crore compared to a loss of Rs 8.13 crore in the corresponding previous period. Thus net loss was Rs 2341.25 crore compared to a profit of Rs 4.87 crore in the corresponding previous period.
- The other comprehensive expense jumped up by 143% to Rs 118.66 crore. Non controlling interest was down by 85% to Rs 15.03 crore. Thus the total comprehensive income was a loss of Rs 2474.94 crore compared to a loss of Rs 141.02 crore in corresponding previous period.
Yearly performance
Consolidated sales were lower by 13% to Rs 7564.88 crore. Lower sales together with 60 bps contraction in OPM to 24.5% resulted in 15% fall in operating profit to Rs 1850.32 crore. After accounting for higher other income, higher interest and lower depreciation, the PBT was a loss of Rs 1097.95 crore compared to a loss of Rs 675.80 crore in the corresponding previous period. Share of loss from associates/Jv was lower by 80% to Rs 87.89 crore. Thus the loss at PBT after share of profit/loss from associate widened to Rs 1097.95 crore compared to a loss of Rs 675.80 crore in the corresponding previous period.
Forex loss was Rs 155.69 crore compared to a gain of Rs 70 crore in the corresponding previous period. Thus the PBT before EO was a loss of Rs 1341.53 crore, which jumped by 29%. The EO loss was Rs 2212.30 crore compared to nil in the corresponding previous period. Thus the loss at PBT after EO magnified by 243% to Rs 3553.83 crore.
Taxation was a write back of Rs 87.42 crore compared to a provision of Rs 45.49 crore in the corresponding previous period. Thus the PAT was a loss of Rs 3466.41 crore compared to a loss of Rs 1082.65 crore in the corresponding previous period. Eventually the total comprehensive income attributable to owners was a loss of Rs 3420.29 crore compared to a loss of Rs 1482.23 crore in the corresponding previous period.
GMR Infrastructrue: Consolidated Result
| Particulars | 1903 (3) | 1803 (3) | Var. (%) | 1903 (12) | 1803 (12) | Var.(%) |
| Operational Income | 1982.54 | 2109.36 | -6 | 7564.88 | 8721.21 | -13 |
| OPM(%) | 15.8 | 19.6 | 24.5 | 25.1 | ||
| OP | 312.49 | 412.79 | -24 | 1850.32 | 2185.90 | -15 |
| OI | 311.09 | 114.99 | 171 | 719.84 | 483.04 | 49 |
| PBIDT | 623.58 | 527.78 | 18 | 2570.16 | 2668.94 | -4 |
| Interest | 785.69 | 587.47 | 34 | 2684.15 | 2316.34 | 16 |
| PBDT | -162.11 | -59.69 | 172 | -113.99 | 352.60 | -132 |
| Depreciation | 250.49 | 260.71 | -4 | 983.96 | 1028.40 | -4 |
| PBT (before Share of profit from JV/Assoc, Forex & EO) | -412.60 | -320.40 | 29 | -1097.95 | -675.80 | 62 |
| Share of profit from JV/Assoc | 271.07 | 284.58 | -5 | -87.89 | -431.36 | -80 |
| PBT (after Share of profit from JV/Assoc & Forex before EO) | -141.53 | -35.82 | 295 | -1185.84 | -1107.16 | 7 |
| Forex Loss/ (gain) | 3.51 | -10.53 | PL | 155.69 | -70.00 | PL |
| PBT before EO | -145.04 | -25.29 | 474 | -1341.53 | -1037.16 | 29 |
| EO Income | -2212.30 | 0.00 | -2212.30 | 0.00 | ||
| PBT after EO | -2357.34 | -25.29 | 9221 | -3553.83 | -1037.16 | 243 |
| Tax | -4.71 | -38.29 | -88 | -87.42 | 45.49 | -292 |
| PAT | -2352.63 | 13.00 | PL | -3466.41 | -1082.65 | 220 |
| Profit/ (Loss) [Net of tax] from - Discontinuing Operations | 11.38 | -8.13 | LP | 110.12 | -31.94 | LP |
| PAT after PL from Discontinued operations | -2341.25 | 4.87 | PL | -3356.29 | -1114.59 | 201 |
| Other comprehensive Income (net of tax) | -118.66 | -48.85 | 143 | 173.63 | -110.69 | -257 |
| Non Controlling Interest | -15.03 | -97.04 | -85 | -237.63 | -256.95 | -8 |
| Total comprehensive income attributable to owners | -2474.94 | -141.02 | 999 | -3420.29 | -1482.23 | 131 |
| EPS(Rs)* | # | # | ||||
| *Annualised on current equity of Rs 603.59 crore; Face Value of Rs 1 Figures in Rs crore # business being seasonal EPS is not annualised Source: Capitaline Corporate Databases | ||||||
GMR Infrastructure: Consolidated Segment Results
| Segment | 1903 (3) | 1803 (3) | Var. (%) | % to total | 1903 (12) | 1803 (12) | Var.(%) | % to total |
| Sales | ||||||||
| Airport | 1357.44 | 1215.06 | 12 | 64 | 5278.01 | 5433.83 | -3 | 66 |
| Power | 220.40 | 453.47 | -51 | 10 | 617.23 | 1565.36 | -61 | 8 |
| Roads | 151.02 | 152.36 | -1 | 7 | 570.52 | 589.70 | -3 | 7 |
| EPC | 213.25 | 228.79 | -7 | 10 | 911.16 | 931.12 | -2 | 11 |
| Others | 163.16 | 209.26 | -2 | 8 | 597.76 | 581.40 | 3 | 7 |
| Total Sales | 2105.27 | 2258.94 | -7 | 100 | 7974.68 | 9101.41 | -12 | 100 |
| Inter Segmt Rev | 122.73 | 149.58 | 409.80 | 380.20 | ||||
| Net Sales | 1982.54 | 2109.36 | -6 | 7564.88 | 8721.21 | -13 | 107 | |
| PBIT | ||||||||
| Airport | 271.02 | 296.51 | -9 | 63 | 1306.48 | 1605.26 | -19 | 135 |
| Power | 153.06 | 248.73 | -38 | 36 | -392.79 | -599.88 | -35 | -40 |
| Roads | 119.56 | 42.95 | 178 | 28 | 292.17 | 207.59 | 41 | 30 |
| EPC | 25.15 | -32.25 | LP | 6 | -36.45 | 15.89 | PL | -4 |
| Others | -138.20 | -25.54 | 441 | -32 | -198.17 | -119.15 | 66 | -20 |
| Total PBIT | 430.59 | 530.40 | -19 | 100 | 971.24 | 1109.71 | -12 | 100 |
| LESS: Interest expenes | 575.63 | 555.69 | 2312.77 | 2146.87 | ||||
| Less :Other unallocable/EO expenses | ||||||||
| PBT | -145.04 | -25.29 | 474 | -1341.53 | -1037.16 | PL | ||
| Segment Assets | ||||||||
| Airport | 21311.81 | 17080.76 | 25 | 55 | 21311.81 | 17080.76 | 25 | 55 |
| Power | 7747.41 | 9174.53 | -16 | 20 | 7747.41 | 9174.53 | -16 | 20 |
| Roads | 3856.26 | 4088.81 | -6 | 10 | 3856.26 | 4088.81 | -6 | 10 |
| EPC | 1261.87 | 1102.79 | 14 | 3 | 1261.87 | 1102.79 | 14 | 3 |
| Others | 4461.18 | 4567.75 | -2 | 12 | 4461.18 | 4567.75 | -2 | 12 |
| Total | 38638.53 | 36014.64 | 7 | 100 | 38638.53 | 36014.64 | 7 | 100 |
| Asset classified as held for disposal | 28.91 | 942.77 | -97 | 28.91 | 942.77 | |||
| Unallocated | 1736.56 | 1329.58 | 31 | 1736.56 | 1329.58 | |||
| Total SA | 40404.00 | 38286.99 | 6 | 40404.00 | 38286.99 | 6 | ||
| Segment Liabilities | ||||||||
| Airport | 5212.75 | 3749.69 | 39 | 51 | 5212.75 | 3749.69 | 39 | 51 |
| Power | 2864.97 | 2642.66 | 8 | 28 | 2864.97 | 2642.66 | 8 | 28 |
| Roads | 909.70 | 714.60 | 27 | 9 | 909.70 | 714.60 | 27 | 9 |
| EPC | 819.47 | 706.69 | 16 | 8 | 819.47 | 706.69 | 16 | 8 |
| Others | 379.02 | 333.06 | 14 | 4 | 379.02 | 333.06 | 14 | 4 |
| Total | 10185.91 | 8146.70 | 25 | 100 | 10185.91 | 8146.70 | 25 | 100 |
| Liability classified as held for disposal | 60.08 | 530.80 | -89 | 60.08 | 530.80 | |||
| Unallocated | 28916.12 | 23964.68 | 21 | 28916.12 | 23964.68 | |||
| Total SL | 39162.11 | 32642.18 | 20 | 39162.11 | 32642.18 | 20 | ||
| Note: Figures in Rs crore | ||||||||
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