GMR Infrastructure surges on significant reduction in FY17 debt
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GMR Infrastructure gained over 17.4% to Rs 17.65 in intraday after it announced a significant reduction in debt and turned profitable in the March quarter.
According to the filing on BSE, gross debt for the company came down to Rs 19,856 crore in FY17 from Rs 37,480 crore last year whereas and net debt to EBITDA ratio for the year improved to 4.3 from 10.2 in FY16
"With significant reduction of gross & net debt and the improvement of debt-to-EBITDA improving more than 100%, GMR has substantially brought down its leverage," the Delhi-based infrastructure conglomerate said in its filing.
The company declared profit (PAT before minority and share of associate) of Rs 9 crore in FY 17 from a loss of Rs 2,664 crore in FY 16.
It also showed a significant improvement in EBITDA, rise of 12% to Rs 3,497 crore for FY17 from Rs 3,114 crore for FY16 following a robust improvement in performance of Airports and Energy Verticals.
GMR said stellar performance of airports sector drove the group’s financials as airport sector profits increased during the year. Its Delhi and Hyderabad Airport declared dividends for the first time.
During the year, the company added Goa Airport to its airport portfolio. It won arbitration award for Maldives Airport and received compensation of Rs 1,800 crore during the year.
At 11:55 am, the scrip was trading 17.6% higher at Rs 17.6 as compared to 0.43% rise in BSE Sensex. It touched a high and low of Rs 17.65 and Rs 14.90 respectively. So far 87635454(NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs 9023.74 crore.
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