GMR Power And Urban Infra (GMRP&UI) Q1 23/24 earnings summary

Executive summary

• Q1FY24 revenue was ₹1,124.22 crore, up 5% YoY; EBITDA was ₹161.5 crore, while continuing-operations PAT was a loss of ₹201.5 crore and consolidated loss after tax was ₹217.75 crore, including discontinued operations.

• Letters of intent covered 75.69 lakh prepaid smart meters across 22 Uttar Pradesh districts under a 10-year project.

• Board approval enabled fund-raising of up to ₹3,000 crore through QIP, FCCBs or other securities, subject to required approvals.

Financial highlights

• Consolidated revenue from operations was ₹1,124.22 crore versus ₹1,068.68 crore in Q1FY23; total income was ₹1,190.42 crore.

• EBITDA was ₹161.5 crore versus ₹145.6 crore YoY; margin was 15% versus 14%.

• Consolidated loss after tax was ₹217.75 crore, including a ₹16.21 crore discontinued-operations loss; continuing-operations PAT was a ₹201.5 crore loss.

• Consolidated results included an ₹85.44 crore impairment of GEL and underlying investments as an exceptional item.

• Standalone revenue from operations was ₹257.64 crore; standalone loss was ₹26.32 crore after exceptional items, including a ₹51.19 crore exceptional charge.

Outlook and guidance

• Priorities include higher utilization and efficiency at existing assets, open-capacity tie-ups through innovative PPAs, round-the-clock supply and operationalizing gas assets.

• Growth priorities include power trading, asset-light technology offerings, C&I clean energy, hydro, electric mobility, storage and energy-efficiency services.

• GKEL signed a five-year PPA to supply 102 MW round-the-clock to TANGEDCO and secured coal supply for the remaining 150 MW through the Shakti-III bid.

• Krishnagiri SIR plans include ~210 acres with TIDCO; ~161 acres were under discussion for sale to a Tamil Nadu government agency in FY24.

• Highway priorities include claims settlement, asset monetization, EPC order-book growth and bidding for railway-station PPP projects.