GMR Airports has reported a consolidated net loss to Rs 428.77 crore for the quarter ending in September, as compared to loss of Rs 190.35 crore loss from the same period last year.
The airport operator’s total income from continuing operations showed a positive trend, increasing to Rs 2,495.46 crore during the latest quarter, up from Rs 2,061.50 crore a year earlier.
However, the company’s interest and finance charges saw a rise, amounting to Rs 1,030.95 crore in the September quarter, compared to Rs 672.67 crore in the previous year’s same quarter.
GMR Airports, a key division of the GMR Group, manages major airports in cities such as Delhi, Hyderabad, and Goa, as well as international locations in Indonesia and the Philippines. The company is also in the process of developing additional airport projects.
A notable development for GMR Airports during this period was the execution of an agreement by the GMR promoter group with a wholly owned subsidiary of the Abu Dhabi Investment Authority (ADIA). Signed on October 23, this agreement will enable the group to secure Rs 6,300 crore through structured debt funding instruments.
The proceeds from this funding will be utilised to refinance the existing ‘Loan Against Shares’ of the GMR promoter group, thereby consolidating various lenders into a single source of long-term capital. This move is expected to significantly reduce the pledge of GMR promoter group shares in GAL, while also addressing risks related to refinancing and settlement.
Through these strategic initiatives, GMR Airports aims to strengthen its financial position, enhance its operations, and continue its growth trajectory across both domestic and international markets.
