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GMR Infra - Airports To Drive Value: ICICI Securities Initiates Coverage

GMR Infra - Airports To Drive Value: ICICI Securities Initiates Coverage

<div class="paragraphs"><p>Automated check-in machines stand next to manned check-in desks inside the newly inaugurated Terminal 2 building at the Indira Gandhi International Airport partly owned by GMR Infrastructure Ltd. in Delhi, India . (Photographer: Anindito Mukherjee/Bloomberg)</p></div>
Automated check-in machines stand next to manned check-in desks inside the newly inaugurated Terminal 2 building at the Indira Gandhi International Airport partly owned by GMR Infrastructure Ltd. in Delhi, India . (Photographer: Anindito Mukherjee/Bloomberg)

BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.

ICICI Securities Report

GMR Infrastructure Ltd. is one of the largest Indian airport developers and operators, with a large portfolio of assets across the energy, transport and urban infra sectors.

It operates two of India’s largest airports – Delhi and Hyderabad – which handled 25-28% of all-India passenger traffic in the past decade.

The airline sector is witnessing speedy recovery from the Covid-19 impact. However, we estimate the airports business to return to pre-Covid levels profitability by FY25E.

GMR Infra's ongoing demerger process, which will separate airport and non-airport businesses, is expected to unlock value and simplify the corporate structure.

Recent focus on debt reduction has been successful, helped by Groupe ADP partnership and asset monetisation/sale.

Click on the attachment to read the full report:

ICICI Securities GMR Infra Initiating Coverage.pdf

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