GMR Infrastructure Limited (GIL), is pleased to release its consolidated financial performance as approved by the Company’s Board in its meeting held on 20th May, 2008.

The highlights of the financial performance are presented below
Highlights for Q4 FY 2008:
• Gross Revenues up 42.96% from Rs. 700.72 crore to Rs. 1001.72 crore
• Net Revenues up 42.89 % from Rs. 619.56 crore to 885.29 crore
• EBITDA up 24.40% from Rs. 137.93 crore to Rs. 171.59 crore
• PAT (before minority interest) up 4.48% from Rs. 39.51 crore to Rs.41.28 crore
• PAT (after minority interest) up 128.92% from Rs. 21.85 crore to Rs. 50.02 crore

Highlights for FY 2008:

• Gross Revenues up 37.04%from Rs. 1968.72 crore to Rs. 2697.91 crore

• Net Revenues up 35.25% from Rs. 1696.74 crore to 2294.78 crore

• EBITDA up 18.90% from Rs. 562.01 crore to Rs. 668.24 crore

• PAT (before minority interest) up 8.64% from Rs. 241.77 crore to Rs. 262.65 crore

• PAT (after minority interest) up 20.44% from Rs. 174.43 crore to Rs. 210.08 crore

GMR Infrastructure Ltd (GIL) has four principal business verticals namely, Airports, Energy Highways and Urban Infrastructure. These are administered through Special Purpose Vehicles for the operations and management of various infrastructure projects. The consolidated results given in this press release present the full revenues, expenses and the results of the business operations of the Company and its subsidiaries.

The consolidated results contained herein have been audited.

Commenting on the operations and results and operations for the year and quarter, Mr. G.M. Rao, Group Chairman, said: “Overall, the year has been quite fulfilling. I am delighted that we have been able to commission and present to the nation the world class Rajiv Gandhi International Airport at Hyderabad ahead of schedule. During the year, we also built a satisfactory pipeline of projects. GIL forayed into a new sector with Krishnagiri SEZ. We also made our first international footprint with Sabiha Gokcen Airport, Istanbul, Turkey. We successfully closed a record USD One Billion QIP. The growth in revenues and profits for the quarter and the for the year ended March, 2008 are also gratifying despite the Vemagiri Power plant being idle till February.”

A brief summary of various events / developments and the results for the year / quarter are as follows.

* In a delightful fulfillment of the purpose, the world class Rajiv Gandhi International Airport was commissioned and dedicated to the country ahead of schedule. The operations were stabilised within a short time and the airport is functioning smoothly.
* The 388.5 MW gas based Vemagiri Power Plant resumed operations in February, 2008, ahead of the expected date of availability of gas. Though there is a temporary shutdown in May 2008, it will resume operations again shortly. Gas is expected to be continuously available from the second half of the current year.
* The expansion and upgrading work at Delhi airport is progressing exceedingly well. Runway work is ahead of schedule and all other modernisation and upgrading works are on schedule. Runways and taxiways have achieved an overall progress of 86.20%. Terminal 1 registered an overall progress of 58.12%, while Terminal 2 recorded an overall progress of 80.58%. Terminal 3, scheduled to be commissioned by March 2010, has achieved an overall completion of 26.80%. Over Rs. 3000 crore has already been spent on the development work at the airport, of the total project cost, exceeding Rs. 8900 crore, post financial closure of the project.
* Alternative approaches to develop and monetise the land at Delhi Airport are being finalised. Discussions are on with the Government to arrive at a win-win solution for the monetisation of the first block of 45 acres of land.
* Our consortium took over Sabiha Gokcen airport at Istanbul on 30th April and financial closure is likely to be achieved by 1st week of June, 2008.
* The construction work of the four Highway projects is progressing well on schedule and will be commissioned before end of March 2009, within the concession timelines.
* During the year, we have won / acquired /signed MoUs for four hydro projects, two in Nepal and one each in Himachal Pradesh and Arunachal Pradesh, with an aggregate capacity of about 900 MW. We also signed an MOU for a 1000 MW coal project in Chhattisgarh. The development work of all these projects is going at brisk pace. EPC contract for 1050 MW Orissa Kamalanga Project has been awarded while the 300 MW Alakananda Hydel Project has received environmental clearance.
* GMR Energy Limited (GEL), 100% subsidiary of GIL, has entered into an MOU with Homeland Energy Corporation, Toronto, pursuant to whereof GEL acquired 10% equity interest in Homeland Mining and Energy SA (Pty) Limited, (HMESA), South Africa. HMESA owns three advanced development / pre-development stage coal project in South Africa. GEL also has non-obligatory option to acquire up to an additional aggregate 40% equity interest prior to December 31, 2008.
* The land acquisition for Krishnagiri SEZ is progressing as per schedule and we already entered into arrangements for the acquisition of almost one third of the land requirement for the project.
* GIL and all its major subsidiaries have successfully implemented SAP and are networked and integrated through this ERP.

Sourced From: Adfactors Public Relations Pvt Ltd

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