GMR Infra Q2 Review - Passenger Traffic Improves: ICICI Securities
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ICICI Securities Report
GMR Infrastructure Ltd.'s Q2 FY22 losses reduced 66% YoY to Rs 1.6 billion on the back of recovery in its airports business as passenger traffic rebounded at both Delhi International Airport Ltd. and GMR Hyderabad International Airport Ltd.
GMR Kamalanga Energy Ltd. operated at its all-time high passenger load factor and was helped by dividend of $60 million from PT Golden Energy Mines.
Phase-I of the Bharti Realty Ltd. lease deal was restructured due to which, GMR Infra had to reverse Rs 3.3 billion booked earlier. However, this has not impacted the ongoing capex, and the company will receive regular rentals from FY23 onwards.
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