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GMR Infrastructure
Airport regulations the key; project execution in focus; Buy
3QFY11 results. GMR’s consol. revenues grew to `13.6bn, up 27%
yoy (17% more than estimated) due to higher airport revenues and
consolidation of Male airport and Homeland Energy. Consol.
EBITDA grew 10% yoy to `3.8bn. It was 5% less than estimated due
to higher opex of `400m related to CoD of T3. Net loss was `223m
after recognizing a deferred tax asset of `1bn in GHIAL. Adjusted net
loss was `1.3bn, as estimated.
T3 impacts airport profitability; Power subdued; Roads steady.
Airport revenues grew 66% yoy to `6.2bn on account of 26% yoy rise
in DIAL revenues and inclusion of Male airport. EBITDA grew 19%
yoy to `1.7bn. Lower EBITDA growth was due to higher opex of T3
and weak traffic growth at SGIA. Higher depreciation and interest
costs due to balance T3 capitalization led to a pre-tax loss of `1.6bn.
GHIAL reported profits for the first time, of `740m in 3Q. Power
posted a subdued performance due to: i) lower gas supply from RIL
impacting PLFs, ii) 10% qoq drop in merchant tariffs, iii) EBITDA loss
of `190m in Homeland Energy. Road segment revenue and EBITDA
grew 8% yoy and 7% yoy respectively, in line with estimates.
Other updates. An agreement was signed with the Huaneng Group,
China for sale of 51% equity in Intergen for US$1.2bn. Completion of
the sale in Mar’11 would lead to cash of US$200m to GMR. Financial
closure was achieved for Male airport, Chattisgarh power project and
Hungud-Hospet toll-road project. GMR signed an agreement to
subscribe to 51% equity stake in Kakinada SEZ and entered into an
MoU with the govt. of Madhya Pradesh to set up a 1,980MW plant.
Maintain our estimates and rating. We retain our Jun’11 sum-ofparts
target of `75. Catalysts are: 1) regulatory approval for higher user
charges (e.g. UDF) to recover regulated revenues in DIAL, 2) gas
allocation by the EGOM and 3) timely project execution.
India Equity Research Reports, IPO and Stock News
Visit http://indiaer.blogspot.com/ for complete details �� ��
GMR Infrastructure
Airport regulations the key; project execution in focus; Buy
3QFY11 results. GMR’s consol. revenues grew to `13.6bn, up 27%
yoy (17% more than estimated) due to higher airport revenues and
consolidation of Male airport and Homeland Energy. Consol.
EBITDA grew 10% yoy to `3.8bn. It was 5% less than estimated due
to higher opex of `400m related to CoD of T3. Net loss was `223m
after recognizing a deferred tax asset of `1bn in GHIAL. Adjusted net
loss was `1.3bn, as estimated.
T3 impacts airport profitability; Power subdued; Roads steady.
Airport revenues grew 66% yoy to `6.2bn on account of 26% yoy rise
in DIAL revenues and inclusion of Male airport. EBITDA grew 19%
yoy to `1.7bn. Lower EBITDA growth was due to higher opex of T3
and weak traffic growth at SGIA. Higher depreciation and interest
costs due to balance T3 capitalization led to a pre-tax loss of `1.6bn.
GHIAL reported profits for the first time, of `740m in 3Q. Power
posted a subdued performance due to: i) lower gas supply from RIL
impacting PLFs, ii) 10% qoq drop in merchant tariffs, iii) EBITDA loss
of `190m in Homeland Energy. Road segment revenue and EBITDA
grew 8% yoy and 7% yoy respectively, in line with estimates.
Other updates. An agreement was signed with the Huaneng Group,
China for sale of 51% equity in Intergen for US$1.2bn. Completion of
the sale in Mar’11 would lead to cash of US$200m to GMR. Financial
closure was achieved for Male airport, Chattisgarh power project and
Hungud-Hospet toll-road project. GMR signed an agreement to
subscribe to 51% equity stake in Kakinada SEZ and entered into an
MoU with the govt. of Madhya Pradesh to set up a 1,980MW plant.
Maintain our estimates and rating. We retain our Jun’11 sum-ofparts
target of `75. Catalysts are: 1) regulatory approval for higher user
charges (e.g. UDF) to recover regulated revenues in DIAL, 2) gas
allocation by the EGOM and 3) timely project execution.
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