GMR Airports Infra.

₹60.3 -0.1 | 0.2%

WEBSITE BSE:532754 NSE : GMRINFRA 28 Nov, 16:01

Market Cap ₹36373 Cr.

Stock P/E -98.0

P/B -32.1

Current Price ₹60.3

Book Value ₹ -1.9

Face Value 1

52W High ₹66.8

Dividend Yield 0%

52W Low ₹ 36

Edit Ratio

GMR Airports Infra. Research see more...

GMR Airports - Fundamental Analysis on unique bet on Rising Premiumisation

Overview Inc. Year: 1996Industry: Engineering - Construction

GMR Infrastructure Ltd engages in engineering, procurement, and construction (EPC) contracting activities in India and internationally. The organization operates via Airports, Power, Roads, EPC, and Others segments. It is involved in the development, maintenance, and operation of airport infrastructure and specific economic zones; and modernization, renovation, and operation of international airports on build, personal, function, and switch basis. The organisation additionally engages in the generation and sale of power; coal mining and exploration activities; and strength and coal buying and selling activities. In addition, it develops highways on construct, function, and switch model on annuity or toll basis; and handles EPC solutions within the infrastructure sector. Further, it operates inns; invests inside the airport, power and transportation, and concrete infrastructure sectors; and presents management/technical consultancy offerings. The organisation was previously called GMR Vasavi Infrastructure Finance Ltd and modified its name to GMR Infrastructure Ltd in April 2000. GMR Infrastructure Ltd was incorporated in 1996 and is based totally in New Delhi, India.

GMR Airports Infra. Share Price

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Peer Comparison

GMR Airports Infra. Quarterly Results

#(Fig in Cr.)	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Net Sales	1776	2056	1364	1284	1444	1588	1766	1895	2018	2064
Other Income	121	79	74	103	197	164	161	107	126	121
Total Income	1897	2135	1438	1387	1641	1752	1927	2002	2143	2185
Total Expenditure	1354	1416	649	749	1015	1116	1236	1636	1265	1337
Operating Profit	543	719	789	638	626	636	691	366	878	848
Interest	749	800	524	528	517	561	591	673	594	696
Depreciation	229	238	214	260	219	255	267	302	296	373
Exceptional Income / Expenses	0	212	0	-63	0	0	293	-38	76	-31
Profit Before Tax	-434	-107	51	-213	-110	-180	125	-647	65	-252
Provision for Tax	-39	110	9	-42	26	30	22	36	97	55
Profit After Tax	-395	-217	42	-171	-136	-209	103	-683	-32	-307
Adjustments	77	48	-668	30	-1	417	89	242	2	216
Profit After Adjustments	-318	-169	-626	-141	-137	208	191	-441	-30	-91
Adjusted Earnings Per Share	-0.5	-0.3	-1	-0.2	-0.2	0.3	0.3	-0.7	-0	-0.2

GMR Airports Infra. Profit & Loss

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023	TTM
Net Sales	8305	7879	8819	5849	6794	8721	7576	8556	3566	4601	6693	7743
Other Income	277	298	300	417	482	553	709	667	431	358	596	515
Total Income	8583	8177	9118	6265	7276	9274	8285	9222	3997	4959	7289	8257
Total Expenditure	5828	5439	6366	3091	3562	6535	5870	5927	2778	2498	4970	5474
Operating Profit	2754	2738	2752	3174	3714	2739	2414	3295	1219	2461	2319	2783
Interest	2099	2791	3412	2196	2128	2316	2684	3545	1803	2019	2343	2554
Depreciation	1040	1355	1772	1197	1019	1028	984	1064	886	889	1042	1238
Exceptional Income / Expenses	777	-9	-339	-64	-386	0	-2212	-681	0	-388	254	300
Profit Before Tax	393	-1417	-2770	-267	113	-1037	-3554	-2283	-1530	-765	-726	-709
Provision for Tax	257	162	152	182	745	45	-87	-85	-286	-12	114	210
Profit After Tax	135	-1578	-2922	-448	-632	-1083	-3466	-2198	-1243	-752	-840	-919
Adjustments	-47	1588	189	-2264	67	-281	-114	-231	-1554	-271	661	549
Profit After Adjustments	88	10	-2733	-2713	-564	-1364	-3581	-2429	-2797	-1023	-179	-371
Adjusted Earnings Per Share	0.2	0	-6.3	-5.1	-0.9	-2.3	-5.9	-4	-4.6	-1.7	-0.3	-0.6

Growth Rates

#	1 Year	3 Year	5 Year	10 Year
Sales CAGR	45%	-8%	-5%	-2%
Operating Profit CAGR	-6%	-11%	-3%	-2%
PAT CAGR	0%	0%	0%	NAN%

#	1 Year	3 Year	5 Year	10 Year
Share Price CAGR	49%	32%	30%	12%
ROE Average	0%	0%	-41%	-30%
ROCE Average	6%	4%	2%	3%

GMR Airports Infra. Balance Sheet

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Shareholder's Funds	9249	8777	7894	4991	5342	3818	-453	-2459	-1718	-818	-793
Minority's Interest	1720	2009	1766	1259	1714	1826	1695	2675	3037	2736	1762
Borrowings	31633	33599	38739	32654	18960	20553	21664	26522	30990	24405	28176
Other Non-Current Liabilities	3073	2527	2199	2918	3164	2657	2660	2723	2704	3569	5127
Total Current Liabilities	18084	18186	16196	11600	7214	8512	14185	16340	14104	6431	9079
Total Liabilities	63759	65097	66794	58944	36852	37898	39811	45872	49138	36323	43351
Fixed Assets	27335	33639	34183	32254	13253	12839	12940	12686	12238	10325	15157
Other Non-Current Assets	26447	21856	23465	13679	15149	14756	16216	20807	22361	19356	19316
Total Current Assets	9644	9204	8721	7485	7599	9360	10626	12317	14226	6642	8878
Total Assets	63759	65097	66794	58944	36852	37898	39811	45872	49138	36323	43351

GMR Airports Infra. Cash Flow

#(Fig in Cr.)	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Opening Cash & Cash Equivalents	3186	3783	1494	1508	1193	1456	1650	913	2918	4300	1619
Cash Flow from Operating Activities	3178	2590	2915	3498	4504	2347	2052	1376	3	3256	2299
Cash Flow from Investing Activities	-8333	-5422	-3164	-1668	1793	-1014	-3605	-990	2433	-1897	-2422
Cash Flow from Financing Activities	5910	634	448	-2018	-5727	-1191	816	1617	-1056	-3894	1731
Net Cash Inflow / Outflow	755	-2198	199	-188	570	142	-737	2003	1381	-2534	1608
Closing Cash & Cash Equivalent	3783	1494	1698	1328	1456	1650	913	2918	4300	1619	3240

GMR Airports Infra. Ratios

#	Mar 2013	Mar 2014	Mar 2015	Mar 2016	Mar 2017	Mar 2018	Mar 2019	Mar 2020	Mar 2021	Mar 2022	Mar 2023
Earnings Per Share (Rs)	0.22	0.02	-6.27	-5.12	-0.94	-2.27	-5.93	-4.02	-4.63	-1.7	-0.3
CEPS(Rs)	2.96	-0.56	-2.64	1.41	0.64	-0.09	-4.11	-1.88	-0.59	0.23	0.34
DPS(Rs)	0.1	0.1	0.01	0	0	0	0	0	0	0	0
Book NAV/Share(Rs)	17.51	15.34	9.9	9.27	8.85	6.33	-0.75	-4.07	-2.85	-1.35	-1.31
Core EBITDA Margin(%)	24.83	24.84	22.54	33.38	33.81	25.06	22.51	30.72	22.09	45.7	25.75
EBIT Margin(%)	24.98	13.99	5.9	23.36	23.45	14.67	-11.48	14.75	7.67	27.26	24.16
Pre Tax Margin(%)	3.94	-14.42	-25.45	-3.23	1.18	-11.89	-46.91	-26.69	-42.89	-16.62	-10.84
PAT Margin (%)	1.36	-16.07	-26.85	-5.43	-6.61	-12.41	-45.76	-25.7	-34.86	-16.35	-12.55
Cash Profit Margin (%)	11.78	-2.27	-10.57	9.06	4.05	-0.62	-32.77	-13.26	-10.01	2.98	3.03
ROA(%)	0.23	-2.45	-4.43	-0.71	-1.32	-2.9	-8.92	-5.13	-2.62	-1.76	-2.11
ROE(%)	1.93	-24.22	-56.18	-9.72	-12.33	-23.64	-206.01	0	0	0	0
ROCE(%)	5.17	2.63	1.18	3.87	6.29	4.76	-3.22	4.28	0.82	4.13	5.69
Receivable days	62.19	61.23	54.07	69.7	62.39	73.37	77.5	61.25	131.5	60.34	20.3
Inventory Days	9.69	11.69	11.13	11.69	6.75	4.88	5.22	6.47	18.68	10.59	6.19
Payable days	292.95	649.6	648.92	605.38	348.04	320.35	640.54	586.77	7499.28	3664.6	1358.36
PER(x)	97.61	1087.63	0	0	0	0	0	0	0	0	0
Price/Book(x)	1.21	1.4	1.68	1.26	1.81	2.69	-26.37	-3.99	-8.55	-27.23	-30.86
Dividend Yield(%)	0.46	0.46	0.06	0	0	0	0	0	0	0	0
EV/Net Sales(x)	5.73	6.67	6.04	7.38	4.32	3.59	5	4.64	12.63	9.93	7.83
EV/Core EBITDA(x)	17.27	19.19	19.35	13.6	7.91	11.45	15.7	12.04	36.95	18.56	22.59
Net Sales Growth(%)	18.25	-5.13	11.92	-33.68	16.16	28.37	-13.13	12.93	-58.32	29.02	45.49
EBIT Growth(%)	287.53	-44.86	-53.29	200.62	16.14	-42.92	-167.99	245.07	-78.33	358.65	28.96
PAT Growth(%)	111.78	-1265.54	-85.14	84.65	-40.91	-71.35	-220.18	36.58	43.45	39.49	-11.65
EPS Growth(%)	114.22	-90.86	0	18.32	81.68	-141.4	-161.81	32.15	-15.14	63.42	82.48
Debt/Equity(x)	4.75	5.38	7.43	7.91	4.02	6.04	-60.87	-13.96	-21.39	-32.42	-40.29
Current Ratio(x)	0.53	0.51	0.54	0.65	1.05	1.1	0.75	0.75	1.01	1.03	0.98
Quick Ratio(x)	0.52	0.49	0.52	0.63	1.04	1.09	0.74	0.74	1	1.02	0.96
Interest Cover(x)	1.19	0.49	0.19	0.88	1.05	0.55	-0.32	0.36	0.15	0.62	0.69
Total Debt/Mcap(x)	5.05	5.27	5.44	5.59	2.22	2.25	2.31	3.5	2.5	1.19	1.31

GMR Airports Infra. Shareholding Pattern

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	61.49	60.5	59.83	58.9	58.9	58.9	58.9	59	59.07	59.07
FII	25.08	26.91	28.21	27.66	27.8	27.85	27.83	28.36	28.15	28
DII	2.01	2.27	1.96	2.45	2.1	3.91	4.22	4.1	4.42	4.28
Public	11.42	10.32	10	10.99	11.19	9.35	9.04	8.53	8.36	8.64
Others	0	0	0	0	0	0	0	0	0	0
Total	100	100	100	100	100	100	100	100	100	100

#	Jun 2021	Sep 2021	Dec 2021	Mar 2022	Jun 2022	Sep 2022	Dec 2022	Mar 2023	Jun 2023	Sep 2023
Promoter	371.16	365.17	361.12	355.52	355.52	355.52	355.52	356.12	356.57	356.57
FII	151.39	162.44	170.28	166.97	167.82	168.07	168.01	171.2	169.9	169.03
DII	12.12	13.69	11.84	14.76	12.7	23.57	25.49	24.78	26.69	25.81
Public	68.93	62.3	60.36	66.35	67.56	56.44	54.58	51.5	50.44	52.18
Others	0	0	0	0	0	0	0	0	0	0
Total	603.59	603.59	603.59	603.59	603.59	603.59	603.59	603.59	603.59	603.59

Pros

Stock is trading at -32.1 times its book value
Debtor days have improved from 3664.6 to 1358.36days.
Company is almost debt free.

Cons

Company has a low return on equity of 0% over the last 3 years.

* The pros and cons are machine generated. Pros / cons are based on a checklist to highlight important points. Please exercise caution and do your own analysis.