GMR Airports reports substantial financial growth amid increased passenger traffic

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GMR Airports reports substantial financial growth amid increased passenger traffic
Credit: © Reuters.

GMR Airports Infrastructure, a subsidiary of GEPL, reported a significant financial growth for June 2023, with net sales and net profit surging by 185.34% and 144.61%, respectively, year-on-year. The company's EBITDA for the same month stood at ₹65.51 crore ($870 million), marking a considerable rise from ₹3.71 crore ($49 million) recorded in the previous year.

Despite witnessing a slight month-on-month decline of 4%, the company experienced an annual increase in passenger traffic by 23%. This surge in traffic led to the company's stock quoting at ₹59.25 ($0.79) on Friday, representing an increase of over one percent.

Delhi Airport led in passenger numbers, registering a record high and a 14% on-year increase. It was closely followed by Hyderabad and the newly opened MOPA airport in Goa.

In another significant development, during the Global Investors Summit 2023, GMR announced an investment of ₹5,000 crore ($66 billion) in Bhogapuram Airport in Andhra Pradesh. However, data on aircraft movements and Q2FY24 results are still awaited.

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