Gmr Airports Ltd · NSE:GMRAIRPORT
Gmr Airports — Q4 FY25 Earnings Presentation
58 slides from Gmr Airports's earnings presentation, May 23, 2025
Slide 1: Regulation 30 disclosure letter to exchanges
GMR AIRPORTS LIMITED (Formerly GMR Airports Infrastructure Limited) May 23, 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, Bandra (E) Equity Scrip: 532754 Mumbai - 400051 Debt
Slide 2: GMR Airports Limited Investor Presentation Q4 & FY25
GMR Airports Limited (GAL) Formerly known as GMR Airports Infrastructure Limited INVESTOR PRESENTATION Q4 & FY25 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
Leading global airports platform with end-to-end capabilities across the airport value chain One of the Largest Airports Platform #96 “Best Airport” in CY24 2nd Largest1 globally No. of airport assets In Asia Pacific catering 27.5%5 Largest in India under operations or to 40mn+ pax (DIAL) share of p
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 Delhi Hyderabad Mopa (Goa) Medan Mactan Cebu Bidar Nagpur Bhogapuram Crete Airport / % GAL stake (74%8) (74%) (100%)6 (49%) (n/a)5 (n/a%)1 (100%)2 (100%)6 (21.6%) Ba
Slide 7: Breakout Growth Imminent
Breakout Growth Imminent Present in most lucrative Asian markets – Long Organic growth visibility given expansion at 1 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 Multip
Slide 8: Business Highlights
GAR AERO BUSINESS HIGHLIGHTS
Slide 9: GAL Key Highlights – Q4FY25 (1/4)
GAL Key Highlights – Q4FY25 (1/4) ▪ Tariff Order for Control Period (CP) – 4 for Delhi Airport (DIAL) issued by AERA1 Regulatory • New Tariffs effective from 16 Apr’25 Updates • DIAL to see significant improvement in aero revenue, overall profitability and cash flow generation ▪ DIAL: • Concluded Sh
Slide 10: GAL Key Highlights – Q4FY25 (2/4)
GAL Key Highlights – Q4FY25 (2/4) ▪ Delhi Cargo: GAL has been granted1 the concession to Operate, Maintain and Manage the existing Cargo Terminal on “GAL Platform”: similar terms to ensure continuity of operations, post termination of existing concession to one of the cargo operator Adjacency ▪ Delh
Slide 11: GAL Key Highlights – Q4FY25 (3/4)
GAL Key Highlights – Q4FY25 (3/4) ▪ Delhi Airport: Released its Sustainability Report 20241, a comprehensive disclosure that sets a new benchmark for climate action, innovation, and social impact in the Indian aviation industry. Key highlights of the report are: • Became Asia’s First Level 5 Carbon
Slide 12: GAL Key Highlights – Q4FY25 (4/4)
GAL Key Highlights – Q4FY25 (4/4) ▪ ACI1-ASQ Awards 2024 • Delhi Airport secured the Best Airport Award (in the “over 40 MPPA” category in Asia Pacific Region) for the seventh consecutive year • Hyderabad Airport secured the Best Airport Award (in the “15 to 25 MPPA” category in Asia Pacific Region)
Slide 13: GAL Operated Airport - Passenger Traffic
GAL Operated Airport - Passenger Traffic Healthy Growth Continues Pax Traffic and YoY Growth – Q4FY25 Pax Traffic and YoY Growth – FY25 ▪ In Q4FY25, GAL owned airports handled 31.5mn passengers, up 9% YoY • Domestic pax traffic up 9% YoY and International pax traffic up 11% YoY ▪ For FY25, passenger
Slide 14: 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 2.6 2.3 4.5 2.0 1.7 3.5 1.4 2.5 1.1 0.8 1.5 0.5 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2022 2023 20
Slide 15: Financial Highlights
GAR AERO 1 FINANCIAL HIGHLIGHTS ann
Slide 16: GAL Q4FY25 Consolidated Results at a Glance
GAL Q4FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 31.5mn 188.9 INR 260 INR 361 ▲ 9% YoY ▲ 7% YoY ▲ 1% YoY ▲ 3% YoY ▲ 1% QoQ Unchanged QoQ ▼ 2% QoQ ▲ 1% QoQ Gross Income EBITDA Net Debt4 Capex Progress5 INR 29.8bn INR 11.2bn INR 315bn ▲ 16% YoY ▲ 16% YoY GV
Slide 17: GAL FY25 Consolidated Results at a Glance
GAL FY25 Consolidated Results at a Glance Pax Traffic1 ATMs (‘000)1 Aero YPP2 Non-Aero IPP3 120.5mn 739.7 INR 267 INR 354 ▲ 9% YoY ▲ 7% YoY ▲ 11% YoY ▲ 2% YoY Gross Income EBITDA Net Debt4 Capex Progress5 INR 108.4bn INR 41.9bn INR 315bn GVIAL6 – ~69% ▲ 18% YoY ▲ 16% YoY Crete – ~48% ▲ 23% YoY 1Incl
Slide 18: GAL Financial Highlights
GAL Financial Highlights Gross Income & EBITDA – Q4FY25 Gross Income & EBITDA – FY25 ▪ EBITDA: ▪ EBITDA: • Q4FY25: ▲19% YoY; ▲3% QoQ to INR 11.2bn • FY25: ▲22.5% YoY to INR 41.9bn • EBITDA margins at 51% • EBITDA margins at 51% ▪ Net Profit After Tax1 ▪ Net Profit After Tax1 • Q4FY25: Loss of INR 2.
Slide 19: FY25 Revenue from Operations Proforma Composition
GAL Financial Highlights FY25 Revenue from Operations1 Proforma Composition INR mn Non-Aero and Adjacency Businesses witnessing Strong Growth … 1 Excluding other income Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Respon
Slide 20: FY25 EBITDA Proforma Composition
GAL Financial Highlights FY25 EBITDA1 Proforma Composition INR mn … Leading to Healthy EBITDA and Cash Flow Generation 1 Including other income Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Social Responsibility | Financial Prud
Slide 21: GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – FY25
GAL Consolidated EBITDA incl. JVs (Proforma Attributable) – FY25 INR mn # 1 Consolidated EBITDA incl. JVs (Proforma Attributable) is ~INR 46.5bn #: also includes airport subsidiaries; 1: DIAL – Delhi International Airport Limited; GHIAL: GMR Hyderabad International Airport Limited Key JV businesses
Slide 22: Adjacency Business Platforms
Adjacency Business Platforms: Multiple assets under each platform Non-Regulated High Revenue Growth Potential Less Capital-Intensive Business Enable Entry Outside GMR Airports Both - Domestic and International GAL HYD Business Platform Perpetual Business Going Beyond Life of Existing Airport Concess
Slide 23: FY25 Key Non-Aero Business Performance
GAL Financial Highlights FY25 Key Non-Aero Business Performance Delhi Airport Hyderabad Airport Hyd / Goa FY25 Advertise- Food & Car Cargo + Duty Free + Advertise- Food & Duty Free Cargo (INR mn) -ment Beverage Park MRO Hotel -ment Beverage Accounted as JV JV JV JV Subsidiary Subsidiary Subsidiary J
Slide 24: GAL Consolidated Debt – FY25
GAL Consolidated Debt – FY25 Gross & Net Debt ^ Net Debt Break-up ^ (INR bn) (in INR bn) 38 ▪ Gross Debt increased by INR 15.9bn QoQ ▪ Net Debt increased by INR 18.0bn QoQ • INR 15 bn Non-Convertible Bonds raised by GAL of which INR 11bn received in Q4FY25 ▪ “Others” mainly includes net debt of GMR
Slide 25: Asset-wise Performance
GAR AERO s ASSET-WISE PERFORMANCE ually.
Slide 26: Domestic Airports Key Highlights
DOMESTIC AIRPORTS K e y H i g h l i g h t s 25
Slide 27: Delhi Airport (DIAL) Key Highlights – Q4FY25
Delhi Airport (DIAL) Key Highlights – Q4FY25 ▪ Destinations Connected: • Domestic: 81; International 72 Total Income Revenues ▪ Tariff Order for CP41 issued by AERA2. New tariffs effective from 16 Apr’25 Q4FY25: INR 16.4bn; Aero Revenue ▲24.1% YoY ▪ Record traffic handled (both domestic and internat
Slide 28: Hyderabad Airport (GHIAL) Key Highlights – Q4FY25
Hyderabad Airport (GHIAL) Key Highlights – Q4FY25 ▪ Destinations Connected: Total Income • Domestic: 72; International 24 Q4FY25: INR 5.9bn; Revenues ▪ Record traffic handled (both domestic and international) in Q4 and FY25 ▲6.9% YoY Aero Revenue ▪ Handled highest-ever cargo volumes of ~1.74 lakh mt
Slide 29: Mopa (Goa) Airport – GGIAL Key Highlights – Q4FY25
Mopa (Goa) Airport – GGIAL Key Highlights – Q4FY25 ▪ Destinations Connected: Total Income • Domestic: 16; International 10 Q4FY25: INR 1,201mn; ▪ EBITDA and Margins impacted by commencement of revenue share Revenues ▪ Maintained ~40% market share (of Goa system traffic) in Q4FY25 ▼ 1% YoY Aero Reven
Slide 30: 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 31: Airports Operational and Financial Performance
Airports Operational and Financial Performance 30
Slide 32: Operational & Financial Highlights – Q4FY25
Operational & Financial Highlights – Q4FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn Q4FY2024 Q3FY2025 Q4FY2025 Q4FY2024 Q3FY2025 Q4FY2025 Q4FY2024 Q3FY2025 Q4FY2025 Net Income 7,339 7,967 9,188 5,304 5,848 5,657 1,215 1,159 902 EBITDA 3,7
Slide 33: Operational & Financial Highlights – FY25
Operational & Financial Highlights – FY25 Delhi Airport Hyderabad Airport Goa Airport Particulars (Standalone) (Standalone) (Standalone) INR mn FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Net Income 28,296 32,378 19,444 22,572 2,764 3,986 EBITDA 15,593 17,529 12,789 14,754 599 1,689 Interest 11,270 16
Slide 34: Key Parameters – ATM Movements
Key Parameters – ATM Movements Continue to Trend Upwards Delhi Airport Hyderabad Airport ATMs increased 6% YoY in Q4FY25 ATMs increased 16% YoY in Q4FY25 Domestic International (Nos '000) Domestic International (Nos '000) 52.7 108.7 114.8 45.5 7.4 26.0 26.8 7.0 45.3 82.7 87.9 38.5 Q4FY2024 Q4FY2025
Slide 35: Consolidated EBITDA (Proforma Attributable) – FY25
Consolidated EBITDA (Proforma Attributable) – FY25 Delhi Airport Hyderabad Airport INR mn INR mn Standalone JVs / Subsidiaries Consolidated Standalone JVs / Subsidiaries Consolidated (Proforma) (Proforma) ▪ Delhi Airport: INR 20.9bn ▪ Hyderabad Airport: INR 19.3bn ▪ Increased 10.1% YoY ▪ Increased 2
Slide 36: Non-Aero Revenues Performance – FY25
Non-Aero Revenues Performance – FY25 Delhi Airport Hyderabad Airport Non-Aero Revenue Break-up INR 33 bn Non-Aero^ Revenue Break-up INR 6.3 bn Others Others 16% 11% Ground Handling Retail (incl Retail (incl 7% Duty Free) F&B Duty Free) 28% 21% 32% F&B 10% Space Rentals Advt. Advt. 18% 7% 13% Car Par
Slide 37: International Airports Key Highlights
INTERNATIONAL AIRPORTS K e y H i g h l i g h t s 36
Slide 38: Medan Airport (Indonesia)
Medan Airport (Indonesia) Key Highlights ▪ Traffic: Q4FY25 Passenger Traffic • Q4FY25 at 1.75mn - ▼1.8% YoY; ▼4% QoQ due to delay in reactivation of fleets Domestic International 1.7 mn pax by airlines. FY25 at 7.11mn - ▼3.9% YoY ▪ Gross Income: ▲9.1% YoY to INR 1.3bn in Q4FY25 • Aero revenue ▲4.2%
Slide 39: 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 ~48% achieved as of 31 Mar’25: • Passenger Terminal: Mechanical, Electrical, Plumbing, a
Slide 40: 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 – Q4FY25: ▲1% QoQ;▲13% YoY to 3.0mn pax; FY25: ▲11% YoY to
Slide 41: ESG Practices
GAR AERO ESG PRACTICES an
Slide 42: ESG Snapshot
ESG Snapshot ESG Framework Key Achievements DIAL and GHIAL are certified at the highest level of Climate Action ACI’s Airport Carbon Accreditation program (Level 5) All airports certified as Green Buildings under USGBC / Sustainable Infra IGBC and operating as Zero Liquid Discharge GMR Airports’ CSR
Slide 43: GMR Airports – At the Forefront of Climate Action
GMR Airports – At the Forefront of Climate Action ACI ACA Level 5 Airports • 20 Airports Certified Globally • 4 Airports Certified in Asia-Pacific & Middle East • 3 Airports Certified in India DIAL is the largest airport in the world to achieve the highest Level 5 certification How we got here? Ener
Slide 44: 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 45: ESG Performance Highlights - Social
ESG Performance Highlights - Social Community and Social Welfare Employee Wellbeing and Training Human Rights • Recognised by National and State Leadership: Visits • High Training Coverage: 667 business/corporate • Code of Conduct: Human rights issues, including by Hon’ble President of India and Gov
Slide 46: ESG Performance Highlights - Governance
ESG Performance Highlights - Governance Transparent & Ethical Practices Compliance & 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 team t
Slide 47: Upcoming Events
Upcoming Events Takeover of Nagpur Airport ▪ Process to takeover the Nagpur Airport underway and expected in Q1FY26 Scaling adjacency businesses ▪ GAL to take over operations of Duty-Free businesses of Delhi and Hyderabad Airports in Q2FY26 Control Period 4 Tariff for Hyderabad ▪ Initiate the tariff
Slide 48: Key Focus Areas
Key Focus Areas ▪ Rationalise costs and focus on margin expansion Improve Profitability ▪ Work towards optimizing the cost of debt Develop & ▪ Accelerate the progress in greenfield projects at Crete and Bhogapuram Operationalize Adjacencies business at ▪ Strengthen non-aero adjacencies businesses at
Slide 49: For further information
For further information, please visit Website: www.gmraero.com or Contact: investor.relations@gmrgroup.in 48
Slide 50: Annexures
GAR AERO | ANNEXURES
Slide 51: Annexures
Annexures Particulars No. ▪ GAL Profitability Statement (Consolidated) A ▪ Walkthrough of Quarterly Growth in Revenue from Operations B ▪ Walkthrough of YTD Growth in Revenue from Operations C ▪ GAL Profitability Statement (Standalone) D ▪ Financial Performance • Delhi Airport (Standalone) E • Hyder
Slide 52: Annexure A: GAL Profitability Statement (Consolidated)
Annexure A : GAL Profitability Statement (Consolidated) INR mn Quarterly Analysis Particulars Q4FY2024 Q3FY2025 Q4FY2025 FY2024 FY2025 Revenue from Operations 24,468 26,532 28,633 87,546 1,04,142 Other Income 1,237 950 1,134 4,524 4,217 Gross Income 25,705 27,482 29,768 92,070 1,08,359 Less: Revenue
Slide 53: Annexure B: Walkthrough of Quarterly Growth in Revenue from Operations
Annexure B: Walkthrough of Quarterly Growth in Revenue from Operations INR mn ▪ Revenue from Operations ▲17% YoY; ▲8% QoQ to INR 28.6bn ▪ YoY growth seen across Airports and Non-Aero Businesses Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner E
Slide 54: Annexure C: Walkthrough of YTD Growth in Revenue from Operations
Annexure C: Walkthrough of YTD Growth in Revenue from Operations INR mn ▪ Revenue from Operations ▲19% YoY to INR 104bn ▪ YoY growth seen across Airports and Non-Aero Businesses Humility | Entrepreneurship | Teamwork & Respect for Individual | Deliver the Promise | Learning & Inner Excellence | Soci
Slide 55: Annexure D: GAL Profitability Statement (Standalone)
Annexure D : GAL Profitability Statement (Standalone) INR mn Particulars Q4FY2024 Q3FY2025 Q4FY2025 FY2024 FY2025 Revenue from Operations 2,971 2,709 5,077 8,222 12,634 Other Income 92 2 23 149 37 Gross Income 3,063 2,711 5,100 8,370 12,671 Less: Revenue Share 443 857 808 941 2,783 Net Income 2,620
Slide 56: Annexure E: Delhi Airport (Standalone)
Annexure E : Delhi Airport (Standalone) INR mn Quarterly Analysis Particulars Q4FY2024 Q3FY2025 Q4FY2025 FY2024 FY2025 Aero Revenue 2,840 2,950 2,987 10,618 11,526 Non Aero Revenue 7,753 8,594 8,811 29,417 33,013 CPD Rentals 2,040 1,979 3,831 8,017 9,789 Other Income 563 772 742 2,897 3,011 Gross In
Slide 57: Annexure F: Hyderabad Airport (Standalone)
Annexure F : Hyderabad Airport (Standalone) INR mn Quarterly Analysis Particulars Q4FY2024 Q3FY2025 Q4FY2025 FY2024 FY2025 Aero Revenue 3,362 3,992 3,959 12,602 15,596 Non Aero Revenue 1,539 1,682 1,689 5,704 6,306 Other Income 610 414 245 1,924 1,602 Gross Income 5,511 6,088 5,893 20,230 23,504 Les
Slide 58: Annexure G: Mopa (Goa) Airport (Standalone)
Annexure G : Mopa (Goa) Airport (Standalone) INR mn Quarterly Analysis Particulars Q4FY2024 Q3FY2025 Q4FY2025 FY2024 FY2025 Aero Revenue 750 857 801 1,716 3,163 Non Aero Revenue 196 210 240 520 792 CPD Rentals 213 119 93 213 212 Other Income 56 57 68 315 204 Gross Income 1,215 1,243 1,201 2,764 4,37