GMR Airports’ Q2 net loss widens to Rs 429 Crore

25 Oct 2024 , 12:19 PM

On Thursday (October 24), GMR Airports Ltd announced a net loss of ₹428.8 Crore for the second quarter, ending September 30, 2024. In the previous fiscal quarter, GMR Airports reported a net loss of ₹190.4 Crore, according to a regulatory filing.
The company’s revenue from operations climbed by 20.9% to ₹2,495.5 Crore, up from ₹2,063.5 Crore in the previous fiscal year. EBITDA increased by 18.3% to ₹859.2 Crore in the second quarter of this fiscal year, up from ₹726.1 Crore in the same period last year.
The EBITDA margin decreased from 35.2% during the same period last fiscal year to 34.4% during the reporting quarter.
GMR Airports reported a sustained growth in passengers at the Hyderabad and Delhi airports during the second quarter of FY25. In Q2FY25, the total number of passengers increased by 8% year over year to 31.5 million. Hyderabad Airport handled 13.7 million passengers (Pax) in H1FY25, compared to 38.3 million at Delhi Airport.
The number of passengers at Delhi Airport increased from 17.7 million in Q2FY24 to 19.0 million in Q2FY25, a 7.6% increase. This resulted from a significant 12.7% rise in traffic from abroad and a 5.8% increase in traffic from within the country.
In Q2FY25, Delhi Airport’s total income increased by 10.0% year on year to ₹1,379 Crore. However, EBITDA decreased by 0.7% to ₹398 Crore due to higher staff expenses and revenue share from joint ventures. For the first half of FY25, EBITDA increased by 1.5% to ₹791 Crore.
Hyderabad Airport likewise saw excellent growth, with passenger traffic reaching 6.9 million in Q2FY25, up 14.0% year on year from 6.0 million in Q2FY24. Domestic traffic increased by 14.5%, while overseas traffic jumped by 11.5%. In Q2FY25, Hyderabad Airport’s overall income increased by 14.8% to ₹577 Crore, with an 8.7% increase in EBITDA to ₹369 Crore.
In Q2FY24, profit after tax (PAT) was ₹71 Crore; in Q2FY25, it was ₹49 Crore. This was because the construction of the airport resulted in higher interest costs. During the same period last year, PAT was ₹220 Crore; this year, it was ₹99 Crore.
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