GMR Airports Ltd.'s net loss widened in the second quarter of this financial year, missing analysts' estimates.
The company, which was formerly known as GMR Airports Infrastructure Ltd., recorded a consolidated net loss of Rs 428.8 crore for the quarter ended September, compared to net loss of Rs 190.4 crore in the same quarter of the previous fiscal year, according to its stock exchange notification on Thursday. This was below the Rs 238 crore loss estimated by analysts tracked by Bloomberg.
The company saw a 21% year-on-year increase in revenue for the three months ended September, reaching Rs 2,495.5 crore. Analysts had projected revenue of Rs 2,461 crore. The company had a one-time gain of Rs 109 crore in the second quarter.
Operating income, or earnings before interest, taxes, depreciation, and amortisation, rose 20% year-on-year to Rs 866.9 crore. The Ebitda margin contracted to 34.7% from 35.2% in the same period the previous year.
The total passenger traffic in the second quarter increased 8% year-on-year to 31.5 million, with the Delhi airport reaching 38.3 million pax and Hyderabad reaching 13.7 million pax. Currently, the group operates airports in Delhi, Hyderabad, Goa, Indonesia and the Philippines. It is also developing a few other airports.
Shares of GMR Airports closed 0.35% higher at Rs 82.52 apiece on the NSE, compared to a 0.15% decline in the benchmark Nifty 50. The stock has risen 52.67% in the last 12 months and 2.70% on a year-to-date basis.
Out of the three analysts tracking the company, one maintains a 'buy' rating on the stock and two suggest 'sell,' according to Bloomberg data. The average 12-month consensus price target implies a potential upside of 7.1%.
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