GMR Airports Sees 8% Passenger Growth in June

18 Jul 2024 , 04:19 PM

GMR Airports Infrastructure Ltd reported an 8% year-on-year increase in passenger traffic for June, handling more than 10.6 million passengers across all its airports. This growth represents a 7.8% year-on-year increase, although there was a slight 2% decline quarter-on-quarter.

At the time of writing on July 18, 2024, shares of GMR Airports Infrastructure Ltd closed at ₹95.83 which is a 1.11% gain than the previous close. The stock has gained a total of 115% in the last one year, and 19% since the beginning of the year.

Domestic passenger traffic showed a 6.4% year-on-year rise, while international traffic saw a more substantial increase of 12.8% year-on-year. Aircraft movements also showed positive trends, with a 6% year-on-year increase and a 3% quarter-on-quarter rise.

Since December 2023, GMR Airports has consistently managed to exceed 10 million passengers per month. Notably, Delhi Airport set a record with its highest single-day passenger traffic of 0.23 million on June 16, 2024.

Financially, GMR Airports Infrastructure reported a net loss of ₹167.6 Crore for the fourth quarter ending March 31, 2024, a significant improvement from the ₹638.9 Crore loss reported in the same period last year.

Revenue from operations showed a robust growth of 29.5%, reaching ₹2,446.8 crore compared to ₹1,889.7 Crore in the corresponding period of the previous fiscal year. EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) soared to ₹816 Crore from ₹254 Crore, with an impressive EBITDA margin of 33.4% versus 13.5% in the previous year.

GMR Group, established in 1978 by Grandhi Mallikarjuna Rao (G M Rao) and headquartered in New Delhi, is a multinational conglomerate with diverse interests including GMR Infrastructure, GMR Energy, GMR Airports, and GMR Enterprises. The group operates using the public-private partnership model and has executed numerous infrastructure projects in India and abroad, including the Philippines and Greece.

With assets nearing US$25 billion, GMR Group is one of India’s largest infrastructure developers. It is renowned for managing the Indira Gandhi International Airport in Delhi and continues to expand its global presence in managing airports, energy utilities, highways, and urban infrastructure.