GMR Airports (GMRINFRA) Q3 24/25 earnings summary

Executive summary

• Q3 FY25 total income reached INR 27.5 billion, up 17–18% year-on-year, with EBITDA rising 37% to INR 10.9 billion and margin improving to 52% from 46% year-on-year.

• Passenger traffic at GAL-operated airports reached 31 million in Q3 FY25, up 10% year-on-year, with both Delhi and Hyderabad achieving record quarterly numbers.

• Profit from continuing operations was INR 2 billion, including an exceptional gain from the Cebu Airport divestment.

• Hyderabad Airport declared an interim dividend of INR 2.8 billion, marking the first dividend in five years.

• Major capex progress at Bhogapuram (55% complete) and Crete (43% complete) airports; Mopa (Goa) capacity expansion completed.

Financial highlights

• Delhi Airport's Q3 FY25 income rose 8% year-on-year to INR 14.3 billion, with EBITDA up 6% to INR 4.4 billion and margin at 55%.

• Hyderabad Airport's Q3 FY25 income increased 23% to INR 6.1 billion, and EBITDA surged 35% to INR 3.9 billion, margin 66%.

• Mopa Airport reported a 77% year-on-year income increase to INR 1,243 million, with positive EBITDA of INR 634 million and margin 55%.

• Non-aero revenue grew strongly: Delhi up 13%, Hyderabad up 17%, and Mopa up 45% year-on-year.

• Consolidated revenue from operations for the quarter was ₹2,653.24 crore; consolidated EBITDA was ₹1,086.69 crore.

Outlook and guidance

• Traffic and tariff growth expected to further improve profitability, especially with the upcoming Delhi Airport tariff revision.

• Peak consolidated net debt projected at INR 30,000–31,000 crores by end of FY26, mainly due to Bhogapuram Airport construction and Fraport stake purchase.

• No major new CapEx planned except for Bhogapuram and Nagpur airports.

• Management expects improved revenue and margins in subsequent years, citing temporary losses due to higher depreciation and finance costs post-capitalization of projects.

• Future operations and value accretion are anticipated from the Delhi Duty Free Concession, with operations commencing July 2025.