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GMR AIRPORTS 2022-23 Annual Report Analysis

Thu, 31 Aug

GMR AIRPORTS has announced its results for the year ended March 2023. Let us have a look at the detailed performance review of the company during FY22-23.

GMR AIRPORTS Income Statement Analysis

• Operating income during the year rose 45.5% on a year-on-year (YoY) basis.
• The company's operating profit increased by 15.6% YoY during the fiscal. Operating profit margins witnessed a fall and stood at 30.8% in FY23 as against 38.8% in FY22.
• Depreciation charges increased by 17.2% and finance costs increased by 16.1% YoY, respectively.
• Other income grew by 66.2% YoY.
• Net profit for the year grew by NA YoY.
• Net profit margins during the year grew from 16.4% in FY22 to 12.5% in FY23.

GMR AIRPORTS Income Statement 2022-23

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Net Sales	Rs m	46,007	66,934	45.5%
Other income	Rs m	3,584	5,956	66.2%
Total Revenues	Rs m	49,592	72,890	47.0%
Gross profit	Rs m	17,850	20,641	15.6%
Depreciation	Rs m	8,894	10,424	17.2%
Interest	Rs m	20,187	23,431	16.1%
Profit before tax	Rs m	-7,646	-7,259	NA
Tax	Rs m	-123	1,141	NA
Profit after tax	Rs m	-7,523	-8,399	NA
Gross profit margin	%	38.8	30.8
Effective tax rate	%	1.6	-15.7
Net profit margin	%	-16.4	-12.5

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GMR AIRPORTS Balance Sheet Analysis

• The company's current liabilities during FY23 stood at Rs 91 billion as compared to Rs 64 billion in FY22, thereby witnessing an increase of 41.2%.
• Long-term debt stood at Rs 282 billion as compared to Rs 244 billion during FY22, a growth of 15.5%.
• Current assets rose 34% and stood at Rs 89 billion, while fixed assets rose 16% and stood at Rs 345 billion in FY23.
• Overall, the total assets and liabilities for FY23 stood at Rs 434 billion as against Rs 363 billion during FY22, thereby witnessing a growth of 19%.

GMR AIRPORTS Balance Sheet as on March 2023

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*	% Change
Networth	Rs m	-8,178	-7,928	NA
Current Liabilities	Rs m	64,306	90,787	41.2
Long-term Debt	Rs m	244,046	281,765	15.5
Total Liabilities	Rs m	363,227	433,509	19.3
Current assets	Rs m	66,418	88,781	33.7
Fixed Assets	Rs m	296,810	344,728	16.1
Total Assets	Rs m	363,227	433,509	19.3

GMR AIRPORTS Cash Flow Statement Analysis

• GMR AIRPORTS's cash flow from operating activities (CFO) during FY23 stood at Rs 23 billion on a YoY basis.
• Cash flow from investing activities (CFI) during FY23 stood at Rs -24 billion, an improvement of 27.7% on a YoY basis.
• Cash flow from financial activities (CFF) during FY23 stood at Rs 17 billion, an improvement of 144% on a YoY basis.
• Overall, net cash flows for the company during FY23 stood at Rs 16 billion from the Rs -27 billion net cash flows seen during FY22.

GMR AIRPORTS Cash Flow Statement 2022-23

Particulars	No. of months	12	12	% Change
	Year Ending	Mar-22	Mar-23
Cash Flow from Operating Activities	Rs m	32,561	22,992	-29.4%
Cash Flow from Investing Activities	Rs m	-18,967	-24,224	-
Cash Flow from Financing Activities	Rs m	-38,939	17,313	-
Net Cash Flow	Rs m	-26,806	16,203	-

Current Valuations for GMR AIRPORTS

• The trailing twelve-month earnings per share (EPS) of the company stands at Rs -1.4, an decline from the EPS of Rs -1.2 recorded last year.
• The price to earnings (P/E) ratio, at the current price of Rs 60.3, stands at -44.3 times its trailing twelve months earnings.
• The price to book value (P/BV) ratio at current price levels stands at -45.9 times, while the price to sales ratio stands at 5.4 times.
• The company's price to cash flow (P/CF) ratio stood at 113.3 times its end-of-year operating cash flow earnings.

Per Share Data/Valuations

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Sales per share (Unadj.)	Rs	7.6	11.1
TTM Earnings per share	Rs	-1.2	-1.4
Diluted earnings per share	Rs	-1.2	-1.4
Price to Cash Flow	x	162.5	113.3
TTM P/E ratio	x	-27.1	-44.3
Price / Book Value ratio	x	-26.4	-28.9
Market Cap	Rs m	216,238	229,366
Dividends per share (Unadj.)	Rs	0.0	0.0

Ratio Analysis for GMR AIRPORTS

• Solvency Ratios

Current Ratio: The company's current ratio deteriorated and stood at 1.0x during FY23, from 1.0x during FY22. The current ratio measures the company's ability to pay short-term and long-term obligations.

Interest Coverage Ratio: The company's interest coverage ratio improved and stood at 0.7x during FY23, from 0.6x during FY22. The interest coverage ratio of a company states how easily a company can pay its interest expense on outstanding debt. A higher ratio is preferable.

• Profitability Ratios

Return on Equity (ROE): The ROE for the company improved and stood at 105.9% during FY23, from 92.0% during FY23. The ROE measures the ability of a firm to generate profits from its shareholders capital in the company.

Return on Capital Employed (ROCE): The ROCE for the company improved and stood at 5.9% during FY23, from 5.3% during FY22. The ROCE measures the ability of a firm to generate profits from its total capital (shareholder capital plus debt capital) employed in the company.

Return on Assets (ROA): The ROA of the company declined and down at 3.5% during FY23, from 3.5% during FY22. The ROA measures how efficiently the company uses its assets to generate earnings.

Key Ratio Analysis

No. of Mths Year Ending		12 Mar-22*	12 Mar-23*
Current ratio	x	1.0	1.0
Debtors’ Days	Days	3	2
Interest coverage	x	0.6	0.7
Debt to equity ratio	x	-29.8	-35.5
Return on assets	%	3.5	3.5
Return on equity	%	92.0	105.9
Return on capital employed	%	5.3	5.9

To see how GMR AIRPORTS has performed over the last 5 years, please visit here.

GMR AIRPORTS Share Price Performance

Over the last one year, GMR AIRPORTS share price has moved up from Rs 36.0 to Rs 60.3, registering a gain of Rs 24.3 or around 67.4%.

Overall, the S&P BSE SENSEX is up 12.3% over the year.

(To know more, check out historical annual results for GMR AIRPORTS and quarterly results for GMR AIRPORTS)