GMR Power And Urban Infra (GMRP&UI) Q3 24/25 earnings summary

Executive summary

• Q3FY25 consolidated total income was INR 17.631bn and EBITDA INR 4.929bn; continuing-operations PAT was a loss of INR 1.084bn.

• Consolidated Q3 revenue was INR 1,611.51 crore; Q3 net loss was INR 108.45 crore. Auditors issued unmodified review conclusions while highlighting valuation assumptions, disputed claims and litigation.

• 9MFY25 continuing-operations PAT was INR 1,503.31 crore, including exceptional items of INR 1,606.14 crore; smart-meter rollout and thermal-plant operations advanced.

Financial highlights

• Q3FY25 total income was INR 17.631bn vs INR 12.092bn in Q3FY24; EBITDA was INR 4.929bn vs INR 4.026bn.

• Q3 consolidated revenue was INR 1,611.51 crore vs INR 1,102.79 crore; 9M revenue was INR 4,607.47 crore vs INR 2,854.50 crore.

• Q3 EBITDA was INR 492.90 crore vs INR 402.59 crore; 9M EBITDA was INR 1,663.93 crore vs INR 832.91 crore.

• Continuing-operations PAT was a Q3 loss of INR 1.084bn vs profit of INR 432mn in Q3FY24; excluding exceptional items, Q3FY25 loss was INR 1.1bn vs INR 1.8bn.

• Standalone Q3 revenue was INR 100.93 crore and EBITDA INR 54.72 crore; 9M profit was INR 696.54 crore, including exceptional items of INR 683.63 crore.

Outlook and guidance

• Smart-meter contract covers ~7.57mn prepaid meters across 22 Uttar Pradesh districts over 10 years, with contract value of ~INR 75.9bn; operational go-live approval was at the final stage.

• GWEL expects future plant profitability and receivable recovery, with a new long-term PPA planned to replace one that expired in June 2020.

• GKEL expects recovery of disputed receivables and unbilled revenue; it signed a five-year PPA to supply 102 MW round-the-clock to TANGEDCO through PTC India.

• DFCC packages 201 and 202 were ~99.05% and ~99.04% complete as of Nov 30, 2024, with completion expected by Mar 2025; strategy targets brownfield expansion, renewables and smart distribution.