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GMR Infrastructure (GMRI) - Qtr. Update - Dtd. - February 11, 2013




Axis Capital Limited


12 Feb 2013





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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.) We introduce our FY15E (EPS of Rs 0.6) and roll over our TP to Mar14. We adjust our estimates to reflect: (1) lower pax at Delhi and Hyderabad airports in FY13, (2) postponement of ADF collection at Delhi, (3) higher fuel cost considering stoppage of operations of Homeland Energy, (4) Termination of Male airport project and (5) commencement of 2 road projects in Q3FY13. As a result, we reduce our FY13 EPS est. to Rs -1.6 (Rs 0.05 earlier) and FY14 EPS est. to Rs -0.7 (Rs 0.9 earlier). We maintain our BUY rating with a TP of Rs 25 – upside of 34% from CMP of Rs 19. The stock trades at P/B of 1x FY14E and 1.1x FY15E. Regards, Nitin Idnani (Sr VP – Realty and Infrastructure) Institutional Equity Research Axis Capital Limited Tel.: + 91 22 4325 1149 Rajarshi Maitra (Asst VP - Infrastructure) Institutional Equity Research Axis Capital Limited Tel.: + 91 22 4325 1139

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