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Corporate Results
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GMR Infrastructure
(01-Mar-2017, 14:56 Hours IST)  
GMR Infrastructure, the leading infrastructure developer has informed the stock exchanges that it has opted not to submit consolidated unaudited quarterly results during the fiscal 2016-17. Its standalone sales for the quarter ended Dec 2016 was lower by 27% to Rs 216.25 crore. But with operating profit margin contract by whopping 3500 bps to 54%, the operating profit stood lower by sharp 55% to Rs 116.74 crore. The other income was down by 55% to Rs 0.94 crore and thus the PBIDT was down by 55% to Rs 117.68 crore. The interest cost was up by 13% to Rs 196.58 crore and the depreciation was up by 3% to Rs 4.01 crore. Thus the PBT before Forex and EO was a loss of Rs 78.90 crore compared to a profit of Rs 90.20 crore in the corresponding previous period. The forex loss was up by 305% to Rs 8.78 crore. And thus the PBT before EO was a loss of Rs 343.07 crore compared to a profit of Rs 88.46 crore in the corresponding previous period. The EO was an expense of Rs 343.07 crore compared to Rs 48.43 crore of expense in the corresponding previous period. Hurt thus by higher EO expenses, the PBT after EO was a loss of Rs 417.20 crore compared to a profit of Rs 40.03 crore in the corresponding previous period. The taxation was a write back of Rs 35.27 crore compared to a provision of Rs 0.02 crore in the corresponding previous period. Thus the loss at PAT level was Rs 381.93 crore compared to a profit of Rs 40.01 crore in the corresponding previous period. The other comprehensive income net of tax was Rs 0.55 crore compared to an expense of Rs 0.32 crore in the corresponding previous period. Thus the total comprehensive income was a loss of Rs 381.38 crore compared to a profit of Rs 39.69 crore in the corresponding previous period.
  • Operational income excluding other operational income was up by 250% to Rs 85.58 crore. With other operating income down by 52% to Rs 130.67 crore, the operational income including other operational income was down by 27% to Rs 216.25 crore.
  • Downside in sales was largely on account of others. While the sale of EPC was up by 250% to Rs 85.58 crore the segment revenue of others was down by 52% to Rs 130.67 crore. While the operational income is fully of revenue from EPC business of the company, the others segment reflects the income from investment activity and corporate support to various infrastructure SPVs.
  • The EBIT was down by 53% to Rs 122.45 crore largely due to higher losses at EPC business and sharp fall in profits in others. Despite higher sales, the EPC business has registered a segment loss of Rs 8.64 crore compared to loss of Rs 6.93 crore in the corresponding previous period. However the segment profit of others was down by 51% to Rs 131.09 crore.
  • The operating profit margin contracted by 3500 bps to 54% and this can be attributed to sharp rise in all cost heads. The cost of subcontracting expenses as proportion to sales was up by 810 bps to 14.1%. The cost of material as % to sales was higher by 850 bps to 9.8%. Similarly the employee cost was up by 610 bps to 7.5%. And that of other expense was up by 1220 bps to 14.6%.

Nine month performance

Sales was up by 7% to Rs 908.13 crore and the operating profit was down by 10% to Rs 660.63 crore as the OPM contract by 1460 bps to 72.7%. After accounting for lower OI, higher interest and depreciation, the PBT before EO and forex gain was down by 59% to Rs 83.94 crore. The forex loss was higher by 207% to Rs 7.28 crore. Thus the PBT before EO was down by 56% to Rs 91.22 crore. The EO expense was up by sharp 826% to Rs 1296.48 crore and thus the loss at PBT after EO was Rs 1205.26 crore compared to a profit of Rs 66.91 crore in the corresponding previous period. The tax was up by 17% to Rs 0.07 crore and thus the PAT was a loss of Rs 1205.33 crore compared to a loss of Rs 66.85 crore in the corresponding previous period.

GMR Infrastructrue: Standalone Result

 

Particulars1612 (3)1512 (3)Var.(%)1612 (9)1512 (9)Var.(%)
Operational Income216.25294.48-27908.13844.867
OPM(%)54.089.072.787.3
OP116.74262.10-55660.63737.74-10
OI0.942.07-551.8213.50-87
PBIDT117.68264.17-55662.45751.24-12
Interest196.58173.9713566.35534.746
PBDT-78.9090.20PL96.10216.50-56
Depreciation4.013.91312.1611.912
PBT (before Forex & EO)-82.9186.29PL83.94204.59-59
Forex Loss/ (gain)-8.78-2.17305-7.28-2.37207
PBT before EO-74.1388.46PL91.22206.96-56
EO Income-343.07-48.43608-1296.48-140.05826
PBT after EO-417.2040.03PL-1205.2666.91PL
Tax-35.270.02LP0.070.0617
PAT-381.9340.01PL-1205.3366.85PL
Other Comprehensive Income (net of tax)0.55-0.32LP0.20-0.30LP
Total Comprehensive Income -381.3839.69PL-1205.1366.55PL
EPS(Rs)*####
*Annualised on current equity of Rs 603.59 crore; Face Value of Rs 1
Figures in Rs crore
# business being seasonal EPS is not annualised
Source: Capitaline Corporate Databases

GMR Infrastructure: Standalone Segment Results

 

Segment1612 (3)1512 (3)Var.(%)% to total1612 (9)1512 (9)Var.(%)% to total
Sales
EPC85.5824.4225040215.7965.6622924
Others130.67270.06-5260692.34779.20-1176
Total Sales216.25294.48-27100908.13844.867100
Inter Segm't Rev
Net Sales216.25294.48-27908.13844.867176
PBIT
EPC-8.64-6.9325-7-17.56-13.5729-3
Others131.09269.36-51107675.13755.27-11103
Total PBIT122.45262.43-53100657.57741.70-11100
LESS: Inter Segment
Net Segment Result122.45262.43-53657.57741.70-11
LESS: Interest expenes196.58173.9713566.35534.746
Other unallocable expenses including EO343.0748.436081296.48140.05826
PBT-417.2040.03-1142-1205.2666.91###
Capital Employed
Segment Assets
EPC588.83397.68484588.83397.68484
Others14503.8317240.32-169614503.8317240.32-1696
Total15092.6617638.00-1410015092.6617638.00-14100
Unallocated217.52152.3743217.52152.37
Total Segment Assets 15310.1817790.37-1415310.1817790.37-14
Segment Liabilities
EPC518.67441.351874518.67441.351874
Others186.57161.121626186.57161.121626
Total705.24602.4717100705.24602.4717100
Unallocated6432.835963.9986432.835963.99
Total Segment Liabilities 7138.076566.4697138.076566.469
Note: Figures in Rs crore

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