Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q3 FY2025 Earnings Presentation
51 slides from Gmr Airports's earnings presentation, Jan 28, 2025
Slide 1: Regulation 30 disclosure letter to stock exchanges
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) January 28, 2025 BSE Limited, National Stock Exchange of India Ltd. Phiroze Jeejeebhoy Towers, Exchange Plaza, Dalal Street, Plot no. C/1, G Block, Mumbai 400001. Bandra-Kurla Complex Equity Scrip: 532754 Bandra (E) Debt Scrip : Mum
Slide 2: GMR Airports Limited Investor Presentation Q3FY25
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited (GIL) INVESTOR PRESENTATION Q3FY25 1
Slide 3: Disclaimer
Disclaimer All statements, graphics, data, tables, charts, logos, names, figures and all other information This Material and any discussions which follows may contain ‘forward looking statements’ relating to (“Contents”) contained in this document (“Material”) is prepared by GMR Airports Limited the
Slide 4: Corporate Overview
GAR AERO CORPORATE OVERVIEW
Slide 5: Leading global airports platform with end-to-end capabilities across the airport value chain
Leading global airports platform with end-to-end capabilities across the airport value chain One of the largest airports platform #96 “Best Airport” in CY23 2nd Largest 1 globally No. of airport assets In Asia Pacific catering 27%5 Largest in India under operations or to 40mn+ pax (DIAL) share of pa
Slide 6: Portfolio of World Class Assets
Portfolio of World Class Assets Faster ramp-up expected given old airports with existing traffic to be closed post COD of new airports DIAL GHIAL MOPA Medan Mactan Cebu Bidar Nagpur Bhogapuram Crete Airport / % GAL stake (64%9 ) (74%) (100%)6 (49%) (n/a)5 (n/a%)1 (100%)2 (100%)6 (21.6%) Base city De
Slide 7: Breakout Growth Imminent
Breakout Growth Imminent Present across most lucrative Asian markets – Organic growth visibility given expansion at 1 Long term airport concessions to capitalize on the 5 Delhi, Hyderabad and Goa completed – EBITDA to growth in aviation market improve Mature and predictable tariff regime for Aero Mu
Slide 8: Business Highlights
GAR AERO BUSINESS HIGHLIGHTS
Slide 9: GAL Key Highlights – Q3FY25 (1/3)
GAL Key Highlights – Q3FY25 (1/3) Hyderabad ▪ The Board of Directors of GMR Hyderabad International Airport Ltd., a subsidiary of GAL, in its board meeting held on Airport Declared 24 Jan’25 have declared1 an interim dividend of INR 7.5/share, aggregating to INR 2.8bn Dividend ▪ Signed2 the Concessi
Slide 10: GAL Key Highlights – Q3FY25 (2/3)
GAL Key Highlights – Q3FY25 (2/3) ▪ Unveiled AI-powered Airport Predictive Operation Centre (APOC)1 AI-powered • Launched an AI-powered digital twin platform at Hyderabad Airport, aiming to revolutionize airport operations and Airport transform the passenger experience. Predictive • Also unveiled it
Slide 11: GAL Key Highlights – Q3FY25 (3/3)
GAL Key Highlights – Q3FY25 (3/3) ▪ Mopa (Goa) Airport expansion completed - Pax capacity increased from 4.4mn to ~7.7mn • DGCA1 approval received for Apron / Airside area Capex • Secured CTO2 approval by the Goa State Pollution Control Board Updates ▪ Bhogapuram Airport: Airside works (~71% complet
Slide 12: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Healthy Growth Continues Pax Traffic and YoY Growth – Q3FY25 Pax Traffic and YoY Growth – 9MFY25 ▪ In Q3FY25, GAL owned airports handled 31mn passengers, up 10% YoY • Domestic and International pax traffic of airports up 10% YoY ▪ Indian airports operated by
Slide 13: Passenger Traffic Continues to Achieve New Highs
Passenger Traffic Continues to Achieve New Highs Delhi Airport – Monthly Pax 1 Hyderabad Airport – Monthly Pax1 Domestic (mn) Domestic (mn) 5.5 2.5 4.5 2.0 3.5 1.5 2.5 1.0 1.5 0.5 0.5 0.0 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2021 2022 2023 2
Slide 14: Financial Highlights
GAR AERO 1 FINANCIAL HIGHLIGHTS ann
Slide 15: GAL Q3FY25 Consolidated Results at a Glance
GAL Q3FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.0mn 188.7 INR 248 INR 367 ▲ 10% YoY ▲ 7% YoY ▲ 7% YoY ▲ 2% YoY ▲ 8% QoQ ▲ 3% QoQ ▼ 5% QoQ ▲ 1% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 27.5bn INR 10.9bn INR 297bn ▲ 17% YoY ▲ 17% YoY Crete
Slide 16: GAL 9MFY25 Consolidated Results at a Glance
GAL 9MFY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 88.8mn 550.8 INR 252 INR 360 ▲ 9% YoY ▲ 7% YoY ▲ 8% YoY ▲ 2% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 78.6bn INR 30.6bn INR 297bn Crete – ~43% ▲ 18% YoY ▲ 17% YoY GVIAL6 – ~55% ▲ 24% YoY 1 Incl
Slide 17: GAL Financial Highlights
GAL Financial Highlights Gross Income & EBITDA – Q3FY25 Gross Income & EBITDA – 9MFY25 ▪ EBITDA: • Q3FY25: ▲37% YoY; ▲13% QoQ to INR 10.9bn • EBITDA margins at 52% ▪ Net Profit After Tax1 • Q3FY25: PAT of INR 2.0bn vs loss of INR 4.3bn in Q2FY25 and loss of INR 4.9bn in Q3FY24. Q3FY25 includes an ex
Slide 18: GAL Financial Highlights
GAL Financial Highlights Strong YoY Growth in Revenue from Operations in Q3FY25 INR mn ▪ Revenue from Operations ▲19% YoY; ▲6% QoQ to INR 26.5bn ▪ YoY growth seen across airports Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Soc
Slide 19: GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – 9MFY25
GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – 9MFY25 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma Attributable) is ~INR 34.1bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Humility | Entre
Slide 20: GAL Consolidated Debt – Q3FY25
GAL Consolidated Debt – Q3FY25 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 40 ▪ Gross Debt increased by INR 8.0bn QoQ ▪ Net Debt increased by INR 9.8bn QoQ • Forex impact on DIAL USD bonds and payment of balance capex expenses ▪ “Others” mainly includes net debt of GMR Airports Greec
Slide 21: Asset-wise Performance
GAR AERO s ASSET-WISE PERFORMANCE ually.
Slide 22: Domestic Airports Key Highlights
DOMESTIC AIRPORTS K e y H i g h l i g h t s 21
Slide 23: Delhi Airport (DIAL) Key Highlights – Q3FY25
Delhi Airport (DIAL) Key Highlights – Q3FY25 Total Income Revenues ▪ Destinations Connected: Q3FY25: INR 14.3bn; Aero Revenue • Domestic: 80; International 70 ▲8.1% YoY ▲9.3% YoY ▪ First Indian airport to connect 150 total destinations EBITDA Non-aero Revenue • With 90x weekly departures to North Am
Slide 24: Hyderabad Airport (GHIAL) Key Highlights – Q3FY25
Hyderabad Airport (GHIAL) Key Highlights – Q3FY25 ▪ Declared an interim dividend of INR 7.5/share, aggregating to INR 2.8bn Total Income ▪ Destinations Connected: Q3FY25: INR 6.1bn; Revenues • Domestic: 72; International 20 ▲22.9% YoY Aero Revenue ▪ Record traffic handled (both domestic and internat
Slide 25: Mopa (Goa) Airport – GGIAL Key Highlights – Q3FY25
Mopa (Goa) Airport – GGIAL Key Highlights – Q3FY25 Total Income ▪ Destinations Connected: • Domestic: 17; International 10 Q3FY25: INR 1,243mn; Revenues • New routes to Manchester, Sharjah, Tashkent, Russia (Moscow, Yekaterinburg), ▲77% YoY Poland (Warsaw, Katowice) connected till Dec’24 Aero Revenu
Slide 26: Bhogapuram Airport – Visakhapatnam, Andhra Pradesh
Bhogapuram Airport – Visakhapatnam, Andhra Pradesh Key Highlights ▪ Authority declared 14 Dec’23 as the Appointed Date ▪ Received approval from project finance lenders for debt of INR 32.15bn with a tenure of 18 years - 3 years of construction, 1 year of stabilization, and 14 years of structured rep
Slide 27: Airports Operational and Financial Performance
Airports Operational and Financial Performance 26
Slide 28: Operational & Financial Highlights – Q3FY25
Operational & Financial Highlights – Q3FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q3FY2024 Q2FY2025 Q3FY2025 Q3FY2024 Q2FY2025 Q3FY2025 Q3FY2024 Q2FY2025 Q3FY2025 Net Income 7,307 7,666 7,967 4,759 5,536 5,848 703 978 1,159 EBITDA 4,099
Slide 29: Operational & Financial Highlights – 9MFY25
Operational & Financial Highlights – 9MFY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn 9MFY2024 9MFY2025 9MFY2024 9MFY2025 9MFY2024 9MFY2025 Net Income 20,956 23,190 14,140 16,915 1,549 3,084 EBITDA 11,887 12,260 9,517 11,174 79 1,437 Intere
Slide 30: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 6% YoY in Q3FY25 ATMs increased 17% YoY in Q3FY25 Domestic International (Nos '000) Domestic International (Nos '000) 115.5 51.7 108.9 44.1 7.3 25.6 26.9 6.9 88.5 44.5 83.2 37.3 Q3FY2024 Q3FY2025
Slide 31: Consolidated EBITDA (Proforma Attributable) – 9MFY25
Consolidated EBITDA (Proforma Attributable) – 9MFY25 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 14.8bn ▪ Hyderabad Airport: INR 14.6bn ▪ Increased 2.2% YoY ▪ Increased
Slide 32: Non-Aero Revenues Performance – 9MFY25
Non-Aero Revenues Performance – 9MFY25 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 24.2 bn Non-Aero^ Revenue Break-up INR 4.6 bn Others Others Ground Handling 15% 11% Retail (incl Retail (incl 8% Duty Free) Duty Free) F&B 28% 21% 31% F&B 10% Advt. Advt. 13% Car Park 7% Cargo Space
Slide 33: International Airports Key Highlights
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s 32
Slide 34: Medan Airport (Indonesia)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q3FY25 Passenger Traffic • Q3FY25 at 1.82mn - ▼1.5% YoY; ▼1% QoQ due to delay in reactivation of fleets Domestic International 1.8 mn pax by airlines. 9MFY25 at 5.36mn - ▼4.5% YoY ▪ Gross Income: ▲7.1% YoY to INR 1.3bn in Q3FY25 • Aero revenue ▲1%
Slide 35: Crete Airport (Greece)
Crete Airport (Greece) Key Highlights ▪ Project is fully funded mainly through State Grant, which is already received, and Airport Modernisation & Development Tax. It is a debt free project ▪ Overall progress of ~43% achieved as of 31 Dec’24. Structural concreting works of Passenger Terminal Buildin
Slide 36: Cebu Airport (Philippines)
Cebu Airport (Philippines) Key Highlights ▪ GMR continues to operate as “Technical Services Provider” until Dec'26 and will be entitled to additional deferred consideration based on the performance of the airport during the period ▪ Traffic – Q3FY25: ▲9% QoQ;▲18% YoY to 3.0mn pax; 9MFY25: ▲11% YoY t
Slide 37: ESG Practices
GAR AERO ESG PRACTICES a5
Slide 38: ESG Snapshot
ESG Snapshot DIAL is the Largest Airport in the World to achieve ACI Level 5 accreditation INR 19.86 crores investments in social welfare 1st Indian Airport to be certified Single through GMR Varalakshmi Foundation in FY24 Use Plastic Free; all airports aim towards ‘Zero Waste to Landfill’ Positivel
Slide 39: DIAL ACI Level 5 Accreditation
DIAL ACI Level 5 Accreditation DIAL is World’s Largest Airport to achieve ACI Level 5 accreditation ACI Airport Carbon Accreditation* DIAL’s ACA Journey Level 5 Net Zero balance on scopes 1 and 2 18 Global; 2 Indian 2024 Level 4+ Transition: Compensation for residual emissions with reliable offsets
Slide 40: ESG Performance Highlights - Environment
ESG Performance Highlights - Environment Environmental initiatives are guided by the policy on ‘Climate Resilience’ which commits to alignment with 1.5°C growth. This is further complemented by the site level Environment / EHS Policies. Sustainable Airport Management Net Zero Initiatives Waste and E
Slide 41: ESG Performance Highlights - Social
ESG Performance Highlights - Social Community and Social Welfare Employee Wellbeing and Training Human Rights • Focus Areas: CSR activities continue to positively affect • High Training Coverage: 229 business/corporate • Code of Conduct : Human rights issues, including child education, health, and l
Slide 42: ESG Performance Highlights - Governance
ESG Performance Highlights - Governance Transparent and Ethical Practices Compliance and Risk Management Sustainable Supply Chain • Ethics and Integrity: GMR has a dedicated Ethics and • Strict Regulatory Adherence: The Group rigorously • Code Implementation : Implemented a Supplier Code Integrity t
Slide 43: Upcoming Events
Upcoming Events Consolidation of DIAL Stake GAL stake in DIAL to increase to 74% post conclusion of entire equity share purchase from Fraport Control Period 4 Tariff for DIAL Revised Tariff to boost profitability and cash flow generation of Delhi Airport Scaling adjacency businesses GAL to commence
Slide 44: Key Focus Areas
Key Focus Areas Deleverage Work towards optimizing of debt at GAL Develop & Operationalize Accelerate the progress in greenfield projects at Crete and Bhogapuram Adjacencies business at platform level Strengthen non-aero adjacencies businesses at platform level by selectively participating in upcomi
Slide 45: For further information, please visit
For further information, please visit Website: www.gmrgroup.in or Contact: investor.relations@gmrgroup.in 44
Slide 46: Annexures
GAR AERO | ANNEXURES
Slide 47: Annexures
Annexures Particulars No. ▪ GAL Profitability Statement (Consolidated) A ▪ Financial Performance • Delhi Airport (Standalone) B • Hyderabad Airport (Standalone) C • Mopa (Goa) Airport (Standalone) D Note Some totals may not match due to rounding-off differences Humility | Entrepreneurship | Teamwork
Slide 48: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Quarterly Analysis Particulars Q3FY2024 Q2FY2025 Q3FY2025 9MFY2024 9MFY2025 Revenue from Operations 22,267 24,955 26,532 63,078 75,509 Other Income 1,240 1,026 950 3,314 3,083 Gross Income 23,507 25,981 27,482 66,392 78,592 Less: Revenue
Slide 49: Annexure B: Delhi Airport (Standalone)
Annexure B : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2024 Q2FY2025 Q3FY2025 9MFY2024 9MFY2025 Aero Revenue 2,699 2,796 2,950 7,778 8,539 Non Aero Revenue 7,597 7,903 8,594 21,664 24,201 CPD Rentals 1,956 1,984 1,979 5,977 5,958 Other Income 978 1,104 772 2,334 2,269 Gros
Slide 50: Annexure B: Hyderabad Airport (Standalone)
Annexure B : Hyderabad Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2024 Q2FY2025 Q3FY2025 9MFY2024 9MFY2025 Aero Revenue 3,117 3,928 3,992 9,240 11,637 Non Aero Revenue 1,442 1,480 1,682 4,165 4,617 Other Income 396 357 414 1,314 1,357 Gross Income 4,955 5,765 6,088 14,719 17,611
Slide 51: Annexure B: Mopa (Goa) Airport (Standalone)
Annexure B : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q3FY2024 Q2FY2025 Q3FY2025 9MFY2024 9MFY2025 Aero Revenue 453 771 866 971 2,379 Non Aero Revenue 139 169 201 318 535 CPD Rentals 0 0 119 0 119 Other Income 111 39 57 260 255 Gross Income 703 978 1,243 1,549 3,168 Less