GMR Power And Urban Infra (GMRP&UI) Q1 24/25 earnings summary

Executive summary

• Continuing-operations revenue was ₹1,611.87 crore and EBITDA before exceptional items ₹636.20 crore; PAT was ₹1,362.11 crore, including ₹1,393.62 crore of exceptional items.

• Before exceptional items and tax, continuing operations earned ₹13.19 crore versus a ₹51.63 crore loss YoY; the NHAI settlement accounted for a ₹1,324.00 crore exceptional gain.

• Warora and Kamalanga PLFs were 93% and 92%, above the all-India private IPP average of ~76%.

• Standalone results showed a ₹204.19 crore quarterly loss and negative net worth of ₹644.80 crore.

Financial highlights

• Consolidated total income was ₹17.4bn, up 46% YoY; revenue from operations was ₹1,611.87 crore versus ₹1,124.22 crore, and EBITDA before exceptional items was ₹636.20 crore versus ₹256.84 crore.

• Continuing-operations PBT was ₹1,406.81 crore versus a ₹198.92 crore loss YoY; quarterly tax expense was ₹44.70 crore.

• Consolidated PAT including discontinued operations was ₹1,362.10 crore versus a ₹217.75 crore loss; basic EPS was ₹20.30 versus negative ₹3.40.

• Standalone revenue from operations was ₹130.50 crore and EBITDA ₹91.14 crore, alongside a ₹204.19 crore net loss.

Segment performance

• Power revenue was ₹1,339.51 crore versus ₹727.38 crore YoY; segment results were ₹331.49 crore versus ₹42.00 crore.

• Roads revenue was ₹204.88 crore versus ₹172.33 crore YoY; segment results were ₹66.76 crore versus ₹60.85 crore.

• EPC revenue was ₹42.45 crore versus ₹128.46 crore; segment results were ₹18.25 crore versus ₹12.93 crore. Others revenue was ₹85.66 crore versus ₹125.79 crore, with a ₹1.42 crore segment loss versus ₹67.77 crore profit.

• Warora revenue rose 30% YoY to ₹5.9bn and EBITDA 76% to ₹2.4bn; Kamalanga revenue was ₹8.1bn and EBITDA ₹3.0bn, up 3% and 4%, respectively.

• Bajoli Holi revenue rose 28% to ₹1.7bn, with EBITDA of ₹1.5bn and PAT of ₹530mn; GWEL earned ₹119.02 crore and GKEL ₹86.25 crore after tax.