GMR Infrastructure - Inline quarter - Maintain Hold - Emkay

- Rev at Rs 23.1bn +24% led by strong show in aviation & EPC segment, Adj. EBITDA +19.8% at Rs 5.97bn - Implementation of tariff drove growth - Full impact will be visible from Q2

- Adjusted net loss at Rs 943mn lower v/s exp. Rs1.3bn - Higher tax & interest exp. was offset by Forex gains at Rs464mn and other income at Rs 652mn v/s exp of Rs 0.5bn

- Delay in KUA road project led by environmental clearance. To commence KUA & power generation (coal) Q3. Slowing Pax growth impacting the turnaround in profitability at DIAL.

- GMR consolidating its portfolio & looking at improving profitability on existing portfolio. Macro slowdown impacting the pace of recovery. Maintain HOLD with TP of Rs 21.

Source : Equity Bulls

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