GMR Power And Urban Infra (GMRP&UI) Q2 24/25 earnings summary

Executive summary

• Q2FY25 total income was INR 15.1bn; consolidated revenue from operations was INR 1,384.09 crore and EBITDA INR 534.83 crore. Consolidated PAT was INR 249.56 crore, versus a loss a year earlier.

• H1FY25 consolidated PAT reached INR 1,611.66 crore, with exceptional gains from the GHVEPL settlement and FCCB interest waiver partly offset by GBHHPL impairment.

• Smart metering, power generation, highways, renewables, EV charging and industrial land support efforts to broaden growth beyond conventional energy.

Financial highlights

• Q2 revenue from operations rose to INR 1,384.09 crore from INR 627.49 crore YoY; H1 revenue was INR 2,995.96 crore. Total income was INR 15.1bn, down 13% QoQ and up 122% YoY, partly reflecting GMR Energy consolidation.

• Consolidated EBITDA was INR 534.83 crore in Q2 and INR 1,171.03 crore in H1; Q2 margin was 35%, versus 28% YoY and 38% in Q1.

• Consolidated PAT was INR 249.56 crore in Q2 versus a INR 123.27 crore loss YoY; H1 PAT was INR 1,611.66 crore versus a INR 341.02 crore loss.

• Net exceptional items were a INR 209.91 crore gain in Q2 and INR 1,603.53 crore for H1; H1 included the FCCB gain and GHVEPL settlement impact, partly offset by GBHHPL impairment.

• Standalone Q2 revenue was INR 155.11 crore and PAT INR 782.20 crore; H1 PAT was INR 578.01 crore, while OCI included a INR 1,579.14 crore net loss.

Segment performance

• Warora Q2 income rose 3% YoY to INR 4.2bn and EBITDA 38% to INR 1.2bn; PAT was INR 247mn versus a loss, with 67% PLF after maintenance.

• Kamalanga Q2 income rose 7% YoY to INR 7.3bn and EBITDA 13% to INR 2.7bn; PAT rose 31% to INR 514mn, with 78% PLF after overhaul.

• Bajoli Holi recorded Q2 income of INR 1.8bn and EBITDA of INR 1.6bn; impairment contributed to a INR 6.6bn net loss, versus INR 625mn profit a year earlier.

• Ambala-Chandigarh average daily traffic rose 31.7% YoY to 47,800 in Q2; H1 traffic increased 29.9% to 49,100.

• Krishnagiri SIR spans ~671 acres; ~121 acres are leased to industrial clients and ~43 acres are under discussion for sale to a Tamil Nadu government agency.