GMR Infrastructure - Low power PLF,high interest mar results - AXIS Securities

GMR Infrastructure's (GMR) Q3FY13 EBITDA was in line with consensus and our estimate at Rs 5.8 bn (up 24% YoY). While the airports vertical performance was in line (EBIT of Rs 2.8 bn vs. Rs 3 bn est.), the power vertical yet again disappointed with an EBIT loss of Rs 0.6 bn. Roads vertical results were a tad above est. (EBIT of Rs 670 mn vs. Rs 649 mn est.)

Interest was higher than est (Rs 5.2 bn vs. Rs 4.8 bn est.) mainly due to commencement of 2 road projects in Q3FY13 (COD in Q3FY13). This led to a higher loss of Rs 1.8 bn vs. our estimate of an adjusted loss of Rs 0.3 bn.

Source : Equity Bulls

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