Consolidated revenue rose 24% year on year to ₹3,964 crore from ₹3,205 crore.
Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 24% to ₹1,447 crore from ₹1,165 crore a year earlier. EBITDA margin edged up to 36.5% from 36.3%.
The company reported total comprehensive income of ₹145.05 crore for the quarter.
GMR Airports explains negative equity
GMR Airports reported negative total equity of ₹1,428.65 crore as of June 30, even as it said its operating performance and cash flows from operations had improved significantly from previous periods.
The company said the negative equity was primarily the result of unrealised foreign-exchange fluctuation losses, which are non-cash and notional, as well as higher depreciation and finance costs following the capitalisation of various projects in previous years.
GMR Airports said these losses were temporary and that it expects revenue and margins to improve in subsequent years following tariff orders for Delhi International Airport and GMR Hyderabad International Airport for the upcoming concession period.
The company also said the group expects to be able to generate sufficient funds to meet its obligations.Board clears fundraising plans
GMR Airports’ board approved an enabling resolution to raise as much as ₹5,000 crore in one or more tranches through securities including fully paid-up equity shares, non-convertible debentures with warrants, convertible securities and foreign currency convertible bonds.
The fundraising will be subject to shareholder and other regulatory approvals.
The board separately approved an enabling resolution to issue up to ₹1,500 crore of rupee-denominated non-convertible bonds through private placement. The proceeds would be used to refinance existing non-convertible bonds.
The board approved the company’s unaudited standalone and consolidated financial results for the June quarter at its meeting on August 12.
Shares of GMR Airports closed 0.53% lower at ₹104.55 on the National Stock Exchange on Wednesday.
