Infrastructure major GMR posts Rs 70.10 Cr net profit in H1

Bangalore, Oct 26: Infrastructure major GMR Infrastructure Limited today announced a consolidated net profit after tax of Rs 70.10 Crore on a revenue of Rs 721.75 Crore for the first half of the current fiscal.

Group Chairman and Managing Director G M Rao told newsmen that the results demonstrated the initial success of the Group's strategy. While the PAT had gone up by 40.7 per cent the operating revenue went up by 48 per cent for the first half of this fiscal compared to corresponding period figures for last year, he added.

Reporting the financial performance for the first time post listing of the shares the company had during the quarter ending September 30 had a consolidated PAT of Rs.37.10 crore on a operating revenue of Rs 312.47 crore. On a consolidated basis GMR Infrastructure reported a 71.63 per cent rise in gross operating revenues to Rs 837.13 crore in the first half of current fiscal as against Rs 487.75 crore earned during the same period last year. The Revenue for the current year included an income of Rs.249.36 crore from the Delhi Airport.

Mr Rao said ''At GIL we have created a distinct business model as an owner and oeprator of key infrastructure assets''. From a mere Rs.900 crore asset, the Company's over all Asset strength had grossed Rs.15,000 crore, he added.

He said with only five out of 12 projects operational the company aimed to show much better results when all of them would be onfull stream by 2009.

Mr Rao said that the Delhi International Airport (DIAL) project taken up by the group was making rapid operational progress. The company had submitted the master plan to the government much before the deadline of October one. Considering the traffic projects over the next few years, DIAL would upscale the investment towards phase one of the project and the airport would have the capacity to handle 35 million passengers in a year by 2010.

The financial closure for the project would be reached during the current quarter, though ICICI Bank and Punjab National Bank had fully committed to fund the project, he said.

On the greenfield Hyderabad project, he said the Company would make an additional investment of Rs.700 crore to augment the capacity from seven million passengers to 12 million passengers per annum in view of the unprecendented growth of 42 per cent witnessed by the aviation setor in Hyderabad.

The GMR Hyderabad International Airport Limited had begun the process of identifying and appointing key partnerships to oversee aeronautical and non aero fucntions. Nearly 43 per cent of the project work had been completed and the work was on course to make the airport become operational by February or March 2008. The airport would also have a multi-product airport based Special Economic Zone on 250 acre land. Andhra Pradesh Government had already send to SEZ proposal to the Centre for clearance.

Mr Rao said out of the total revenue of the group, 60 per cent was contributed by the power sector, 30 per cent by Airports and 10 per cent by Roads. The ratio would change in a couple of years with contribution from airports going up, he added.

UNI