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Our Bureau,

Delhi airport operations key driver for H1 revenue

MR G.M. RAO (left), Chairman and Managing Director, GMR Infrastructure Ltd, with Mr Subba Rao Amarthaluru, CFO, Corporate Group Integration, GMR, at a press conference in Bangalore on Thursday. — G.R.N. Somashekar

Bangalore , Oct. 26.

GMR Infrastructure Ltd (GIL) on Thursday reported a consolidated net profit of 37.1 crore, up by 57 per cent for the second quarter ended September 30, 2006 against Rs 23.58 crore inthe corresponding period of the previous year.

Its overall revenues also witnessed a 41 per cent growth at Rs 312.47 crore (Rs 221.11 crore).

This is the company's maiden results after its listing on the BSE.

GIL, which is implementing two airport projects, a greenfield project in Hyderabad and modernisation and management of the Delhi International Airport, said major contribution of 30 per cent of its revenues for the first half came from the Delhi airport.

Of its consolidated revenues of Rs 721.75 crore for the six months (March to September 2006), operations for Delhi airport which was taken over by the company, in May last year, yielded Rs 249.4 crore. The consolidated net profit was up 40.7 per cent at Rs 70.1 crore.

Addressing a press conference here on Thursday, Mr G.M. Rao, Chairman and Managing Director, said: "the current results covers only a portion of the actual operating potential of the company's assets and as more of the business gets optimally operational, we are confident of posting sustained growth in performance.''

Mr Rao said with the GMR-led consortium implementing the Delhi airport with a future potential, GMR Infrastructure was planning to upscale the passenger capacity to 35 million from the present 22 million.

The capital expenditure would also be substantially higher than its original estimate of Rs 2,840 crore. The Hyderabad International Airport will also undergo a revision from seven to 12 million passengers at an additional cost of Rs 523 crore to the original Rs 1,760 crore.

GMR Infrastructure is engaged in the construction and development of energy, airports and roads projects.

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