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GMR Infrastucture has posted a loss of ₹725 crore for the fourth quarter ended March 31, 2021 as against a loss of ₹1,127 crore for the corresponding quarter of last fiscal, on a consolidated basis.
The diversified infrastructure company posted a gross revenue of ₹2,321 crore for the fourth quarter as against ₹2,349 crore for the corresponding quarter of last year.
The company posted higher total loss of ₹3,428 crore and the revenue was also down at ₹6,229 crore for FY 2021 as against a loss of ₹2,198 crore and revenue of ₹8,556 crore.
The Covid hit lockdown has impacted the overall performance of the company during the fourth quarter and FY 2021.
Passenger traffic
The company informed that “Since May 2020, when the restrictions were lifted on operations of domestic flights, airports business saw a significant traction in traffic. February 2021 was the best month post first wave of Covid when the passenger traffic reached 60% of pre-Covid levels at Delhi airport and 64% at Hyderabad airport and this was achieved under an environment of restricted airline capacity enforced by the government.”
The government had allowed 33% capacity for the airlines from May 25, 2020 till June 25, 2020 and has gradually raised the capacity to 80% on December 4, 2020. This suggests passenger confidence to travel increases with the decline in Covid cases. With the onset of second Covid wave, traffic declined in April 2021 and May 2021. “However, we are now experiencing traffic turnaround from last week of May 2021 and continued recovery in June 2021,” it said in a regulatory filing with BSE.
During second weekend of June 2021, Delhi and Hyderabad airports registered a traffic of 47,200 and 15,800. This is encouraging considering the government imposed curbs on the capacity for the airlines at 50% from June 1, 2021.
Power demand and coal supply are improving as the lockdown is easing up, resulting in higher plant load factors (PLFs). During FY21, the dispatch to the discoms under the PPA have been above the normative availability as defined in the respective PPA.
While the Hyderabad Vijayawada expressway traffic increased by 16% YoY to 11 Mn during Jan–Mar 2021 period, per day average traffic volume decreased by 36% MoM in May’21 due to lockdown but increased by 9% MoM in June 2021 (until June 13, 2021) as the lockdown eased. Traffic at Ambala Chandigarh expressway has been suspended since Oct 12, 2020 due to farmer’s agitation.
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