Categories Research Summary

GMR Airports Infrastructure: Company’s Merger & Key Developments

“As we move ahead in 2023, we are not only just geared to navigate the challenges, but also to seize the myriad opportunities that the evolving Indian and global aviation landscape presents. I express my deepest gratitude to our investors, partners, and team members for their continued trust and support. Together, we are forging a path that is exemplary in the annals of Indian aviation journey.”
-Saurabh Chawla – Executive Director – Finance and Strategy

Stock Data


Share Price

Last 5 Days2.2%
Last 1 Month21.7%
Last 6 Months65.8%

Business Basics

GMR Infrastructure Limited, a prominent player in the Indian infrastructure sector, operates with a focus on innovation, sustainable development, and global expansion. The company’s business fundamentals are grounded in its diversified portfolio of infrastructure projects, which span across sectors like airports, energy, transportation, and urban infrastructure. One of the key pillars of GMR Infrastructure’s business strategy is its strong presence in the airport sector. The company manages and operates several major airports in India, contributing to the nation’s connectivity and economic growth. With a reputation for modernization, efficiency, and passenger-centric services, GMR has set benchmarks for airport infrastructure management in the country.

The energy sector is another cornerstone of GMR’s operations. The company has a significant presence in the power generation segment, including thermal and hydroelectric power plants. GMR’s commitment to sustainable practices is evident in its renewable energy projects, including wind and solar power, aligning with global efforts to combat climate change. In the transportation sector, GMR Infrastructure has undertaken ambitious projects such as highways and urban transportation systems, aiming to improve mobility, reduce congestion, and enhance the overall quality of transportation services in India. The company’s dedication to innovative and efficient transportation solutions is reflected in these initiatives.

GMR Infrastructure is also involved in urban infrastructure development, with a focus on creating smart cities and integrated urban solutions. These projects encompass real estate development, urban planning, and sustainable infrastructure design, contributing to urbanization and economic growth in India.

Q1 FY24 Financial Performance

GMR Airports Infrastructure reported Revenues for Q1FY24 of ₹2,143.28 Crores up from ₹1,636.38 Crore year on year, a rise of 40.24%. Consolidated Net Profit of ₹16.84 Crores from -₹112.99 Crores in the same quarter of the previous year. The Earnings per Share is -₹0.05, from -₹0.23 in the same quarter of the previous year.

GMR Airports Merger Gains Momentum

In a significant development, GMR Airports is making steady progress towards its merger with GMR Airports Infrastructure Limited. This strategic move is anticipated to bring substantial value to its shareholders. Various crucial milestones have already been achieved, further reinforcing the prospect of completing the merger within the expected timeline of the fiscal year 2024.

During the fourth quarter of 2023, GMR Airports received a vital green light for the merger from the Competition Commission of India (CCI), marking a pivotal step towards the consolidation of the two entities. The merger gained more momentum when the Reserve Bank of India (RBI) and both major stock exchanges issued their no objection to the merger, underscoring the confidence in the consolidation process.

Key Developments in Q1 FY23

As of July 31, 2023, Delhi and Hyderabad airports have achieved 93% and 92% of capital expenditure progress, respectively. These airports are on track for completion in Q3 fiscal year 24 and Q2 fiscal year 24. Delhi Airport inaugurated its fourth runway and an elevated cross-taxiway on July 14, 2023. It now stands as the only Indian airport with four operational runways, enhancing its appeal as a hub and supporting its goal of becoming a net-zero carbon emission airport by 2030. In Delhi Airport, a self-development commercial building project of 6 lakh square feet has begun in Aero City’s gateway district.

Mopa Airport in Goa is fully operational, with domestic flights commencing on January 5th, and international operations starting on July 21st, including a route to London, Gatwick. The airport has already served over 1.9 million passengers as of July 31st, with strong growth anticipated. Meanwhile, Hyderabad Airport initiated development work for the GMR interchange retail project. Moreover, Hyderabad Airport announced the divestment of a significant warehouse facility and signed a land lease agreement for a state-of-the-art MRO facility for Safran Aircraft Engine Services in partnership with GHIAL, reinforcing GMR Group’s real estate development capabilities.

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