GMR AIRPORTS 2023-24 Annual Report Analysis

Tue, 27 Aug

GMR AIRPORTS has announced its results for the year ended March 2024. Let us have a look at the detailed performance review of the company during FY23-24.

GMR AIRPORTS Income Statement Analysis

• Operating income during the year rose 31.2% on a year-on-year (YoY) basis.
• The company's operating profit increased by 61.6% YoY during the fiscal. Operating profit margins witnessed a fall and down at 37.8% in FY24 as against 30.7% in FY23.
• Depreciation charges increased by 41.2% and finance costs increased by 25.3% YoY, respectively.
• Other income declined by 24.0% YoY.
• Net profit for the year declined by NA YoY.
• Net profit margins during the year grew from 12.7% in FY23 to 9.5% in FY24.

GMR AIRPORTS Income Statement 2023-24

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Net Sales	Rs m	66,738	87,546	31.2%
Other income	Rs m	5,952	4,524	-24.0%
Total Revenues	Rs m	72,690	92,070	26.7%
Gross profit	Rs m	20,460	33,060	61.6%
Depreciation	Rs m	10,381	14,659	41.2%
Interest	Rs m	23,382	29,288	25.3%
Profit before tax	Rs m	-7,351	-6,363	NA
Tax	Rs m	1,133	1,926	70.0%
Profit after tax	Rs m	-8,484	-8,289	NA
Gross profit margin	%	30.7	37.8
Effective tax rate	%	-15.4	-30.3
Net profit margin	%	-12.7	-9.5

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GMR AIRPORTS Balance Sheet Analysis

• The company's current liabilities during FY24 down at Rs 64 billion as compared to Rs 91 billion in FY23, thereby witnessing an decrease of -29.4%.
• Long-term debt stood at Rs 343 billion as compared to Rs 282 billion during FY23, a growth of 21.8%.
• Current assets fell 15% and stood at Rs 75 billion, while fixed assets rose 16% and stood at Rs 399 billion in FY24.
• Overall, the total assets and liabilities for FY24 stood at Rs 480 billion as against Rs 434 billion during FY23, thereby witnessing a growth of 11%.

GMR AIRPORTS Balance Sheet as on March 2024

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*	% Change
Networth	Rs m	-7,928	-21,642	NA
Current Liabilities	Rs m	90,787	64,059	-29.4
Long-term Debt	Rs m	281,765	343,327	21.8
Total Liabilities	Rs m	433,509	479,840	10.7
Current assets	Rs m	88,781	75,399	-15.1
Fixed Assets	Rs m	344,728	399,422	15.9
Total Assets	Rs m	433,509	479,840	10.7

GMR AIRPORTS Cash Flow Statement Analysis

• GMR AIRPORTS's cash flow from operating activities (CFO) during FY24 stood at Rs 39 billion, an improvement of 76.4% on a YoY basis.
• Cash flow from investing activities (CFI) during FY24 stood at Rs -58 billion, an improvement of 149.2% on a YoY basis.
• Cash flow from financial activities (CFF) during FY24 stood at Rs 5 billion on a YoY basis.
• Overall, net cash flows for the company during FY24 stood at Rs -14 billion from the Rs 16 billion net cash flows seen during FY23.

GMR AIRPORTS Cash Flow Statement 2023-24

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-23	Mar-24
Cash Flow from Operating Activities	Rs m	21,992	38,801	76.4%
Cash Flow from Investing Activities	Rs m	-23,224	-57,884	-
Cash Flow from Financing Activities	Rs m	17,313	4,665	-73.1%
Net Cash Flow	Rs m	16,203	-14,451	-

Current Valuations for GMR AIRPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.4, an improvement from the EPS of Rs -1.4 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 95.9, stands at -72.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -46.8 times, while the price to sales ratio stands at 6.6 times.
• The company's price to cash flow (P/CF) ratio stood at 63.6 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Sales per share (Unadj.)	Rs	11.1	14.5
TTM Earnings per share	Rs	-1.4	-1.4
Diluted earnings per share	Rs	-0.8	-0.8
Price to Cash Flow	x	225.5	63.6
TTM P/E ratio	x	-45.8	-72.3
Price / Book Value ratio	x	-28.9	-18.7
Market Cap	Rs m	229,366	405,314
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GMR AIRPORTS

• Solvency Ratios

Current Ratio: The company's current ratio improved and stood at 1.2x during FY24, from 1.0x during FY23. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 0.8x during FY24, from 0.7x during FY23. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company declined and down at 38.3% during FY24, from 107.0% during FY24. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 7.1% during FY24, from 5.9% during FY23. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company improved and stood at 4.4% during FY24, from 3.4% during FY23. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-23*	12 Mar-24*
Current ratio	x	1.0	1.2
Debtors’ Days	Days	2	2
Interest coverage	x	0.7	0.8
Debt to equity ratio	x	-35.5	-15.9
Return on assets	%	3.4	4.4
Return on equity	%	107.0	38.3
Return on capital employed	%	5.9	7.1

To see how GMR AIRPORTS has performed over the last 5 years, please visit here.

GMR AIRPORTS Share Price Performance

Over the last one year, GMR AIRPORTS share price has moved up from Rs 62.1 to Rs 95.9, registering a gain of Rs 33.7 or around 54.2%.

Overall, the S&P BSE SENSEX is up 25.0% over the year.

(To know more, check out historical annual results for GMR AIRPORTS and quarterly results for GMR AIRPORTS)