GMR Power And Urban Infra (GMRP&UI) Q2 23/24 earnings summary

Executive summary

• Consolidated Q2FY24 revenue was Rs. 627.49 crore and EBITDA Rs. 173.48 crore; net loss including discontinued operations was Rs. 123.27 crore.

• Q2FY24 total income was INR 6.786bn, down 58% YoY; EBITDA margin was 28%, and continuing-operations PAT was a loss of INR 1.233bn.

• H1FY24 consolidated revenue was Rs. 1,751.71 crore and net loss Rs. 341.02 crore; the auditor’s review was qualified over GEL-related exposures and claim-dependent valuations.

Financial highlights

• Consolidated Q2 revenue was Rs. 627.49 crore, versus Rs. 1,580.72 crore YoY; EBITDA rose to Rs. 173.48 crore from Rs. 113.08 crore.

• Consolidated total income was INR 6.786bn; net income after revenue share was INR 6.281bn. EBITDA was INR 1.735bn, versus INR 1.131bn in Q2FY23 and INR 2.568bn in Q1FY24.

• Continuing-operations PAT was a loss of INR 1.233bn; consolidated net loss including discontinued operations was Rs. 123.27 crore.

• H1FY24 total income was INR 18.690bn and EBITDA INR 4.303bn; consolidated H1 revenue was Rs. 1,751.71 crore and net loss Rs. 341.02 crore.

• Q2 exceptional income was INR 496mn; H1 exceptional items included a Rs. 144.33 crore GEL-related impairment, while H1 exceptional items overall were a net credit of Rs. 97.73 crore.

Outlook and guidance

• Priorities include higher utilization and efficiency, capacity tie-ups through PPAs including RTC, gas-asset operationalization, power trading, and customer-facing offerings.

• Green growth focus includes hydro, C&I clean-energy solutions, electric mobility, storage and energy efficiency, supported by technology partnerships and green financing.

• Management is pursuing asset monetization, claim recovery, new financing, strategic investors and debt refinancing; cash-flow outcomes depend on disputed claims and adjudication.

• The 75.69 lakh-meter UP AMI project is expected to take 27 months to implement, followed by a 93-month operating period; Krishnagiri SIR plans include sale discussions for ~360 acres and development of ~55 acres.