GMR Airport Infra gains 2% on subsidiary’s Bhogapuram Airport deal with NIIF

GMR Airports Limited (GAL), and NIIF (National Investment and Infrastructure Fund) had entered into binding agreements for NIIF to invest up to Rs 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL).

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Shares of GMR Airport Infrastructure gained 2 percent at the open on the NSE on December 22, a day after the company announced that its subsidiary GMR Airports Limited had entered into an agreement with NIIF to develop and operate the Bhogapuram International Airport. At 9:20am, the stock was trading at Rs 74.90.

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In a regulatory filing, GMR Airports Infrastructure Limited said that GMR Airports Limited (GAL) and NIIF (National Investment and Infrastructure Fund) had entered into binding agreements for NIIF to invest up to Rs 6.75 billion in GMR Visakhapatnam International Airport Limited (GVIAL), a special purpose vehicle to develop and operate the Bhogapuram International Airport.

According to the filing, this investment is part of the financial partnership announced, in relation to investment by NIIF in the equity capital of three airport projects of GMR Airports Limited. GVIAL was awarded the concession to develop and operate the greenfield Bhogapuram International Airport (BIA) to the north of Visakhapatnam in 2020.

Also read: GMR Airports Infra is up 15% in five sessions. Can the stock fly higher after GQG’s stake buy? 

In Q2FY24, GMR Airports Infra reported a reduction in net loss to Rs 190 crore from Rs 197 crore in the quarter ended September 30, 2022. Net income for Q2 also grew 25 percent to Rs 1,607 crore against a net income of Rs 1,285 crore in the previous period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) during the September quarter grew 34 percent YoY to Rs 848 crore.

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