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Gmr Infra Research Report

In: Business and Management

Submitted By kislaykumar
Words 3869
Pages 16
Result Update
November 14, 2011
Rating matrix
Rating Target Target Period Potential Upside : : : : Buy | 32 24 months 29%

GMR Infrastructure (GMRINF)
| 25
WHAT’S CHANGED…
PRICE TARGET........................................................................... Changed from | 35 to | 32
FY12E 7652.8 1820.4 -178.9 FY13E 9689.6 2807.6 168.5

Key Financials
(| Crore) Net Sales EBITDA Adj Net Profit FY10 4566.5 1364.3 158.4 FY11 5773.8 1555.5 -131.0

EPS (FY12E).............................................................................. Changed from |0.1 to |-0.5 EPS (FY13E)........................................................................................................Unchanged RATING...............................................................................................................Unchanged

Net losses lower than expected…
GMR Infrastructure’s (GMR) Q2FY12 net losses were lower than expected largely on account of better-than-expected revenues and margin in the other segment (investment income, project management fees & charter rental income). During the quarter, GMR agreed to sell a 30% stake in GMR Energy (Singapore) implying deal value of ~S$50 million and contributing |1.7/share in our SOTP valuation. We maintain BUY. Q2FY12 losses lower than expected… GMR’s net sales grew 48.3% in Q2FY12 mainly on account of consolidation of the Male Airport (| 225 crore). The net losses came lower at | 62.5 crore vs. our expectation of | 91.1 crore largely on account of higher revenues and EBIT margin in the other segment (includes investment income, project management fees & charter rental income). The others division revenues grew 56.2% sequentially at |190 crore with the EBIT margin of 77.2% in Q2FY12 (38.4% in Q1FY12). AERA, gas allocation uncertainty remains… The company has raised bridge loan to account for funding shortage due to...

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