Mar'25 View on GMR Airports Ltd

GMR Infrastructure is mainly engaged in development, maintenance and operation of airports, generation of power, coal mining and exploration activities, development of highways, development, maintenance and operation of special economic zones, and construction business including Engineering, Procurement and Construction (EPC) contracting activities. • Reported in-line 12%/13%/24% yoy growths in aggregate pax/net revenues/EBITDA. • The ~10% beat in headline EBITDA was from residual assets (MRO, cargo, hospitality and parking). • We revise our near-term EBITDA estimates by 4-5%. • GMR Airports reported steady and in-line results for its top-three assets. • GMR Airports is a strong play on pax growth, inflation, penetration and premiumization in spending by flyers and visitors to the airport. • We upgrade GMR Airports to ADD from SELL, after recent stock price correction.