GMR Infrastructure rose 3.74% to Rs 34.65 at 10:05 IST on BSE after consolidated net profit surged 102.04% to Rs 1170.18 crore on 15% increase in total income to Rs 3066.81 crore in Q4 March 2014 over Q4 March 2013.
The result was announced after trading hours on Thursday, 29 May 2014.
Meanwhile, the BSE Sensex was up 42.91 points, or 0.18%, to 24,277.06.
On BSE, so far 8.05 lakh shares were traded in the counter, compared with an average volume of 17.28 lakh shares in the past one quarter.
The stock hit a high of Rs 34.95 and a low of Rs 33.75 so far during the day. The stock hit a 52-week high of Rs 38.10 on 26 May 2014. The stock hit a record low of Rs 10.65 on 6 August 2013.
The stock had outperformed the market over the past one month till 29 May 2014, rising 31.76% compared with 7.87% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 60.96% as against Sensex's 14.74% rise.
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The large-cap company has an equity capital of Rs 389.24 crore. Face value per share is Re 1.
GMR Infrastructure's EBITDA (earnings before interest, taxes, depreciation and amortization) fell 6.93% to Rs 712 crore in Q4 March 2014 over Q4 March 2013. EBITDA margin declined to 29% in Q4 March 2014 compared with 38% in Q4 March 2013.
On a consolidated basis, the company's net profit slumped 88.64% to Rs 10.01 crore on 6.99% increase in total income to Rs 10969.09 crore in the year ended March 2014 over the year ended March 2013.
EBITDA rose 4.76% to Rs 2595 crore in the year ended March 2014 over the year ended March 2013. EBITDA margin was unchanged at 30% in the year ended March 2014 compared with the year ended March 2013.
Commenting on the performance during the Quarter, Mr. G M Rao, Group Chairman, said: "Despite an extremely challenging year with constraints on fuel and financing amongst other concerns, GMR has endeavored to focus on operationalisation of its projects. We successfully commissioned all units of EMCO and Kamalanga power plants and achieved commercial operation of Chennai Outer Ring Road. As a part of our strategy for long term value creation for our shareholder and portfolio churning, we successfully divested our 40% stake in Sabiha Gokcen Airport in Istanbul.
Reflecting on our strong airports operator strategy, we along with our partner, Megawide, won the Mactan Cebu International Airport (MCIA) - a brownfield airport project in the Republic of Philippines. We have signed a 25 year concession agreement to renovate and expand the MCIA, the 2nd largest Airport in Philippines and a tourist gateway to the country.
The group is now on a stable path with the right mix of assets, reduced debt levels and optimum cost utilization. We are happy to propose 10% dividend for the 2nd consecutive year as a token of appreciation and support to our shareholders. With our assets becoming operational and stabilizing, we expect the performance to improve in the coming year. We are optimistic that there will be resurgance in the infrastructure sector and we are well placed to participate in this phase."
GMR Infrastructure is a global infrastructure major with interests in Airports, Energy, Highways and Urban Infrastructure sectors. It has successfully employed the public-private partnership model to build a portfolio of high quality assets. The Company has 15 power generation assets of which 8 are operational and 7 are under various stages of development. In the Highways sector the Group is operating 8 Road assets across the country. In the Airports sector, the Company operates India's busiest airport, the Indira Gandhi International Airport in New Delhi, where it has built a brand new integrated terminal T3. It has also developed and commissioned the Greenfield international airport at Hyderabad as a gateway to south and central India. The Group has been recently awarded the Mactan-Cebu International Airport project in the Philippines for rehabilitation, expansion and operation with a concession period of 25 years. GMR Group is also committed to social development initiatives and executes these through its Corporate Social Responsibility arm, the GMR Varalakshmi Foundation which is present in 24 locations.
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