Company Overview

In 1978, G M Rao started off with a small jute mill, and established, over three decades later, what is known today as GMR Group. GMR (NSE: GMRINFRA) is today a major player in the Infrastructure Sector, with world class projects in India and abroad. GMR Group is headquartered in New Delhi, and has been developing projects in high growth areas such as Airports, Energy, Transportation and Urban Infrastructure. 1

GMR Group is one of the fastest growing infrastructure enterprises in the country with a rich and diverse experience spanning three decades. With its vibrant portfolio of projects, GMR is uniquely placed to build state of the art projects in sectors that are of critical importance in the process of development. Using the Public Private Partnership model, the Group has successfully leveraged its core strengths to implement several iconic infrastructure projects in India.

Business Segments


GMR Group entered the airports space in early 2000s and is today counted amongst the top 5 airport developer and operators globally. GMR Group presently owns and operates Delhi International Airport and Hyderabad International Airports. Further, GMR Group has recently won the concession to develop and operate Goa’s Greenfield airport at Mopa reinforcing its standing as India’s largest private airport company.. 2

Apart from being the largest private airport company in India, GMR Group is also the only Indian airport developer to have developed and operated airports outside India. GMR Infrastructure in partnership with Megawide Construction Corporation of Philippines is operating and developing Mactan Cebu International Airport – the second largest airport of Philippines.

Operating Assets

  • Delhi International Airport Limited - India
  • GMR Hyderabad International Airport Limited - India
  • Mactan Cebu International Airport - Philippines

Under Development

  • GMR Goa International Airport - India
  • GMR Visakhapatnam International Airport Limited, India
  • Crete International Airport - Greece



GMR Energy is a part of GMR Group, which is one of the largest diversified Infrastructure Conglomerates in India. With an operating capacity of over 4400 MW, it has a balanced fuel mix of coal, gas, LSHS as well as renewable sources of wind and solar energy. Apart from this, plants of over 2300 MW generation capacity are under various stages of development in India and Nepal.3

A balanced mix of power sales contracts in the short term, medium term and long term have given GMR Energy a unique strength in terms of portfolio diversity. An operating coal property in Indonesia provides essential requirement of fuel security. The company’s portfolio is now moving from developing projects (asset creation) to operating assets (revenue generation).

All operating units of GMR Energy hold the certifications of ISO 14001 for environment management, OHSAS 1800 for occupational health & safety and ISO 9001 for quality management systems.

In Nov 2016, Tenaga Nasional Berhad (Tenaga) invested 30% equity in GMR Energy Limited (GEL), for cash consideration of USD 300mn.

Tenaga is the largest power utility player in Malaysia with an integrated presence across the value chain of power generation, transmission & distribution. With a total installed capacity of 10,818 MW and 50% market share of the Malaysian grid’s generation capacity, it has significant experience in managing and operating power assets with several thermal power plants, large hydro plants and power distribution business across various countries.

Through this partnership, GMR Group is bringing a world class power developer and operator in Indian market. Tenaga’s experience would further facilitate GEL in improving the performance of its operational assets, develop it’s under development pipeline of hydro & renewable energy assets and drive future growth of the portfolio.

Operating Assets

  • GMR Energy Limited - Kakinada, Andhra Pradesh
  • GMR Vemagiri Power Generation Limited - Andhra Pradesh, Rajahmundary
  • GMR Warora Limited - Chandrapur, Maharashtra
  • GMR Kamalanga Energy Limited - Kamalanga Village, Dhenkanal district, Orissa
  • GMR Power Infra Limited - Muthayampatty Village, Tirupur District, Tamilnadu
  • GMR Renewable Energy Limited - Moti Sindhodi Village, Kutchh District, Gujarat
  • GMR Rajahmundry Energy Limited - Vemagiri Power,Rajahmundry,India
  • GMR Gujarat Solar Power Private Limited - Charanka Solar Park, Gujarat

Assets under Development

  • GMR Bajoli Power Project - Chamba, India
  • SJK Powergen Limited - Madhya Pradesh, India
  • GMR Upper Karnali Projectt Limted - Dailekh, Nepal
  • Himtal Hydropower Company Private Limited - Himtal, Nepal
  • GMR Badrinath Hydro Power Generation Private Limited - Uttarakhand, India
  • Talong Londa Power Project - Arunachal Pradesh, India

Power Transmission

  • Rajasthan, India

International Coal Assets

  • South Sumatra, Indonesia


GMR’s Transportation business focuses on surface transport projects including Roads, Railways, Metros and Airstrips/ Runways in both DBFOT (under GMR Highways)and EPC (under GIL – EPC) segments. With four operating assets adding to total length of over 1824 Lane kms of Roads & Highways, GMR is one of the leading developers in India. Innovation in construction as well as maintenance practices, quality of construction and operational safety are of utmost priority for the division.4


  • GMR Pochannpalli Expressways Limited
  • GMR Chennai Outer Ring Road Private Limited (Associate)
  • GMR Ambala Chandigarh Expressways Private Limited
  • GMR Hyderabad Vijayawada Expressways Private Limited (Associate)

Urban Infrastructure

Urbanization has given the country rapid growth and contributing towards this growth, GMR Group ventured into this business sector.With a special focus on Special Investment Region, the division leverages on it’s collective experience and expertise in building successful projects across the country. 5

Currently developing a 2101Ac (850 Ha) multi-product Special Investment Region (SIR) at Krishnagiri, Tamil Nadu and a 10,000 acre port based multi-product Special Investment Region at Kakinada, Andhra Pradesh, the division aims at creating state of the art establishments that is sustainable.

Services Business

Services Business is part of GMR Group, a leading global infrastructure conglomerate with interests in Airport, Energy, Transportation and Urban Infrastructure. With its vibrant portfolio of projects, GMR is uniquely placed to build state of the art projects in sectors that are of critical importance in the process of development. 6

Based in New Delhi, Services Business has the expertise and experience of offering any specialized services in the value chain of airport business.

Airport Services

  • Engineering and maintenance of airport infrastructure and systems
  • Training for Airport Staff
  • Comprehensive terminal operations
  • Private charter services on jet aircrafts and helicopter

Security Services

  • Comprehensive security solutions in tune with regulatory requirements
  • Complete solutions for Airside rescue and firefighting

Advisory Services

Consultancy services in the field of Aviation


Incorporated in 2008, the division was initiated with the belief that sports provides a connect with the community at large. Cricket particularly is celebrated in the country, and to be associated with the sport was the group’s first initiative.7

The capital’s IPL franchise, Delhi Capitals, marked the beginning of this venture, followed by the Uttar Pradesh (UP) franchise of the Pro - Kabaddi league - UP Yodha. With a number of local kabaddi tournaments in the region, finding fresh and new local talent is part of the long-term agenda of the business.

Delhi Capitals

The Delhi Capitals is a franchise cricket team that represents the city of Delhi in the Indian Premier League (IPL). Established in 2008 as Delhi Daredevils (DD), the franchise is owned by the GMR Group and JSW Group.

UP Yoddha

UP Yoddha (UPY) is a Kabaddi team based in Lucknow, Uttar Pradesh that plays in the Pro Kabaddi League. Introduced into the league in the fifth season, the Yoddhas play their home matches at Babu Banarasi Das Indoor Stadium.


Other Businesses

Being in the industry for over 30 years, venturing into new divisions and industries has been the group’s motto. Exploring different streams that would help in putting to use the group’s experience and expertise has lead to the birth of it’s other business divisions. This was kick started in the year 2005, with venturing into RAXA Security Services Limited and was followed by several others.

GMR Aerospace & Industrial Park

A versatile world-class business area of operation that can be customised according to the need and nature of business. By being housed within GMR Hyderabad International Airport Limited, the Aerospace Park enjoys greater benefits like high security, adequate supply of utilities like power and water.

GMR Arena

A state-of-the-art facility built in the heart of Hyderabad City, GMR Arena transforms every event it hosts into an immersive experience. Lavish parking space, prime location and the upgraded technical facilities at the Arena makes it the most preferred place.

GMR Varalakshmi Foundation

Making a difference to the society has been inherently present in the way the Group functions. Starting from the vision, to every initiative that the Group takes up giving it back to the community has become part of the group’s way of doing business. This has been successfully brought from dream to reality by the 25 year old Varalakshmi Foundation, the CSR arm of the GMR Group. 8

The foundation works with the communities surrounding the group’s business operations to improve the quality of lives. The foundation is happy to have created an impact on over 1 lakh lives and being supported by over a 1000 member team working across 27 locations in the country and 2 in Nepal.


Scheme of Amalgamation and Arrangement amongst GMR Power Infra Limited and GMR Infrastructure Limited and GMR Power and Urban Infra Limited and their respective shareholders with the National Company Law Tribunal (NCLT), by June 2021.

The Scheme involves vertical split demerger of the Non-Airport Business (Energy, EPC, Urban Infrastructure, etc.) of GIL into GMR Power and Urban Infra Limited (GPUIL), as a going concern, along-side amalgamation of GMR Power Infra Limited (GPIL) with GIL, as a step preceding demerger. 9

Demerger is to creating separate Airport and Non-Airport Businesses of the Group. GIL to emerge as India's Only Pure-Play Listed Airports Company, value unlocking of Airport business.


Financial Highlights

The company, GMR Infrastructure Limited (“GIL”), is a leading global infrastructure conglomerate with interest in Airports, Energy, Transportation and Urban Infrastructure business sectors in India and few countries overseas. The Company has an Engineering, Procurement and Construction (EPC) business focusing on execution of projects of Group SPVs, external customers and EPC project of International Airport. The Group has large EPC order book of railway track construction including Dedicated Freight Corridor Project (DFCC) initiated by Government of India. GMR is also developing multi-product Special Investment Regions (SIR) spread across ~2500 acres at Krishnagiri in Tamil Nadu and port based SIR to include an all-weather multi-purpose deep water port, a logistic park, a petrochemical cluster and an eco friendly-industrial park spread over ~10,400 acres at Kakinada in Andhra Pradesh . The Group has acquired a prominent space in airports sector with more than 26.09% of total country’s passenger traffic being routed through the two airports i.e ‘Indira Gandhi International Airport’ in New Delhi and ‘Rajiv Gandhi International Airport’ in Hyderabad managed by the Group, in addition to its presence in Philippines with an operating airport ‘Mactan Cebu International Airport’. The Greenfield airport projects under development includes airport at Mopa in Goa and Airport at Heraklion, Crete, Greece. GMR is developing very unique airport cities on the commercial land available around its airports in New Delhi, Hyderabad and Goa. The GMR Group has a diversified portfolio of operational Coal, Gas and Renewable power plants and Hydro projects are at under various stages of construction and development. 10

Performance highlights – FY 2019-20

  • Value unlocking of Airport Business through strategic partnership to deleverage the balance sheet and paving way for demerger of Airport business. The Group signed a share subscription and share purchase agreement with Aeroport DE Paris S.A. (ADP) for 49% stake (directly & indirectly) sale in GMR Airports Limited (GAL) on February 20, 2020 for an equity consideration of Rs 10,780 crore. Despite unprecedented adverse conditions, on July 7, 2020 the Group has successfully completed the transaction with ADP with slight modifications. ADP has also pegged earn-outs for Group up to Rs 5,535 crore linked to achievement of certain agreed operating performance metrics as well as on receipt of certain regulatory clarifications over the next 5 years.
  • Passenger Traffic at Delhi International Airport during the FY 2019-20 declined by 2.80 % YoY from 69.2 Mn to 67.3 Mn, Passenger Traffic at Hyderabad International Airport during the FY 2019-20 grew by 1.40% YoY from 21.4 Mn to 21.7 Mn Passenger Traffic at CEBU Airport (Philippines) during the FY 2019-20 grew by 10% YoY from 11.51 Mn to 12.66 Mn.
  • The Group has received certain favourable orders on various ongoing matters in energy, highway and DFCC for compensation for Change in Law and late payment which involve significant value of claims.
  • The Group entered into a Sale and Purchase Agreement with a prospective buyer for a consideration of USD 15.50 million for sale of the Barge Mounted Power Plant (‘Barge Plant’) on as is where is basis.
  • Signed concession agreement for development and operation of Bhogapuram International Airport. Project involves design, build, finance, construction, development and O&M for concession period of 40 years, extendable by additional 20 years.
  • Manila International Airport Authority has granted the GMR Megawide Consortium the Original Proponent Status (OPS) for developing the Ninoy Aquino International Airport.
  • Signed concession agreement for 7 years (extendable for further period of 3 years) with Kannur International Airport Limited to manage and operate duty free outlets at the Kannur International Airport.
  • Hon’ble Supreme Court of India in its judgment has lifted the suspension on Environment Clearance imposed vide its Order dated March 29, 2019 on construction of new greenfield airport at Mopa, Goa.
  • Concession agreement of road projects in GMR Tuni-Anakapalli Expressways Limited (GTAE) and GMR Tambaram-Tindivanam Expressways Limited (GTTE) ended on November 8, 2019.
  • Signed concession agreement to commission, operationalize and maintain the Civilian Enclave at Bidar Airport Karnataka.
  • Strong Growth in capacity, volumes and revenues at PTGEMS in its Coal Mining operations in Indonesia during the FY 2019-20.
  • Mixed operating performance in the Energy business. GKEL achieved PLF of 66% in FY 2019-20 as against 73% in FY 2018-19, GWEL achieved PLF of 82% in FY 2019-20 as against 76% in FY 2018-19.
  • GMR Group has sold its entire stake in GMR Chhattisgarh Energy Limited (GCEL) to Adani Power Limited in July 2019.
  • FY 2019-20 was very eventful year that witnessed unlocking of value of airport sector through strategic partnership with Aeroport DE Paris S.A. (ADP) and divestment of few non-core assets in energy sector. Aero revenue in Airport sector remained stagnant in FY 2019-20 due to COVID-19 impact in February and March 2020. Non – Aero revenue increased marginally in FY 2019-20. Income from Commercial property development (CPD) increased significantly due to revenue recognition for new contract and implementation of Ind AS-116 'Leases'. The revenue from highways and EPC remained stagnant. Consolidated Revenues do not include the revenues of entities which were assessed as jointly controlled entities / JVs under Ind AS, including, GMR Energy Limited (GEL), GMR Kamalanga Energy Limited (GKEL), GMR Warora Energy Limited (GWEL) and Delhi Duty Free Services Private Limited (DDFS). Airport, Energy, Highways, EPC and other segments contributed Rs 6,131.49 Crore (71.66%), Rs 777.35 Crore (9.09%), Rs 585.20 Crore (6.84%), Rs 859.10 Crore (10.04%) and Rs 202.40 Crore (2.37%) respectively to the consolidated revenue from operations.
  • During the year ended March 31, 2020, the revenue from EPC segment has increased by 5.30% from Rs 763.04 Crore (FY 2018-19) to Rs 803.46 Crore (FY 2019-20), which was mainly on account of contribution by the ongoing DFCC (Railways) project. Other operating income of the company has increased by 4.04% from Rs 338 Crore (FY 2018-19) to Rs 351.64 Crore (FY 2019-20) on account of increase in related parties loan and income from unwinding of financial guarantee.


Q3FY21 Performance Highlights

Airport Sector

Currently, Government of India has allowed 80% capacity for the airlines. As the capacity restriction eases, the company expect significant increase in traffic. Additionally, mass Covid vaccination and rapid testing will further boost air travel.11

Many countries have authorized and approved emergency usage of vaccination. World-over vaccination drive has started with over 130 million doses administered by February 7, 2021. Mass vaccination at a rapid pace would pave the way for rapid traffic growth.

Delhi Airport

  • Traffic improved from 4.10 Mn in Q2FY21 to 7.55 Mn in Q3FY21. On a YoY basis, traffic declined 60% in Q3FY21
  • Net revenues increased by 32% QoQ to INR 289 Cr in Q3FY21. On a YoY basis, net revenue fell by 46% in Q3FY21
  • EBITDA improved to INR 71 Cr in Q3FY21 from a loss of INR 3 Cr in Q2FY21. On a YoY basis, EBITDA fell by 74% in Q3FY21
  • Capex to increase capacity from 66 mn pax to 100 mn pax - achieved 34.73% completion
  • Delhi airport connected to 69 domestic destinations (96% of pre-Covid) and 66 international destinations (85% of pre-Covid)

Hyderabad Airport

  • Traffic improved from 1.53 Mn in Q2FY21 to 2.86 Mn in Q3FY21. On a YoY basis, traffic declined 52% in Q3FY21
  • Net revenues increased by 57% QoQ to INR 124 Cr in Q3FY21. On a YoY basis, net revenues declined 68% in Q3FY21
  • EBITDA improved to INR 34 Cr in Q3FY21 from a loss of INR 6 Cr in Q2FY21. On a YoY basis, EBITDA fell by 88% in Q3FY21
  • Capex to increase capacity from 12 mn pax to 34 mn pax - achieved 49.94% completion
  • Hyderabad airport connected to 54 domestic destinations (98% of pre-Covid) and 10 International destinations (62% of pre-Covid)

Goa Airport

  • Work is in full progress at site with physical activities being carried out simultaneously at various sites of the project. 20% works completed as of December 31, 2020
  • As per the requirement, mobilization of adequate equipment and machinery at site is done and will be enhanced for faster progress of the construction work

Cebu Airport

  • Traffic improved from 38,000 in Q2FY21 to 123,000 in Q3FY21. On a YoY basis, traffic declined 96% in Q3FY21
  • Revenues increased by 60% QoQ to INR 16 Cr in Q3FY21. On a YoY basis, net revenues declined 87% in Q3FY21

Energy Sector

Kamalanga Power Project

  • PLF at 95.0% in Q3FY21 as against 64.0% in Q3FY20
  • Revenue at INR 635 Cr in Q3FY21 vs INR 626 Cr in Q3FY20. Normalised for arrears in Q3FY20, revenue for Q3FY21 is up 21% YoY
  • Generated Cash Profit of INR 42 Cr in Q3FY21 as against INR 100 Cr in Q3FY20

Warora Power Project

  • PLF at 78.3% in Q3FY21 as against 90.6% in Q3FY20 due to planned maintenance of Unit 1 in December 2020
  • Revenue at INR 344 Cr in Q3FY21 as against INR 519 Cr in Q3FY20
  • Cash loss at INR 22 Cr in Q3FY21 vs cash profit of INR 66 Cr in Q3FY20

Bajoli Holi

  • Achieved 95% of project completion
  • ~2300 manpower working at site during Covid time

Indonesia Coal Mine (PT GEMS)

  • Sales volume grew by 2% YoY to 7.6 Mn tons in Q3FY21 from 7.4 Mn tons in Q3FY20. Volumes in Q3FY21 were impacted due to rains but has witnessed a recovery post Q3FY21
  • Revenue at INR 1,568 Cr in Q3FY21 vs INR 1,890 Cr in Q3FY20 due to decline in realization. However, Indonesian coal prices (ICI-4) have increased after touching lows of ~USD 23.5 per ton in September 2020 due to Covid to current price of ~USD 37-40 per ton
  • EBITDA at INR 161 Cr in Q3FY21 vs INR 181 Cr in Q3FY20
  • PAT at INR 79 Cr in Q3FY21 vs INR 75 Cr in Q3FY20
  • Cash balance is at INR 1,146 Cr at the end of Q3FY21


Hyderabad – Vijayawada

  • Traffic increased by 13% YoY to 10.8 Mn in Q3FY21 from 9.6 Mn in Q3FY20
  • Revenue increased by 17% YoY to INR 94 Cr in Q3FY21 from INR 80 Cr in Q3FY20
  • EBITDA at INR 45 Cr in Q3FY21 vs INR 40 Cr in Q3FY20

Ambala – Chandigarh

  • Traffic declined by 88% YoY to 0.5 Mn in Q3FY21 from 4.4 Mn in Q3FY20 as the traffic was impacted due to farmer’s agitation
  • Revenue fell by 87% YoY to INR 2 Cr in Q3FY21 from INR 15 Cr in Q3FY20
  • EBITDA loss at INR 5 Cr in Q3FY21 vs profit of INR 11 Cr in Q3FY20

Chennai ORR

  • Revenue increased by 1% YoY to INR 23 Cr in Q3FY21 from INR 22 Cr in Q3FY20
  • EBITDA at INR 2 Cr in Q3FY21 vs INR 18 Cr in Q3FY20

Pochanpalli Expressways

  • Revenue increased by 56% YoY to INR 19 Cr in Q3FY21 from INR 12 Cr in Q3FY20
  • EBITDA declined by 5% YoY to INR 9 Cr in Q3FY21

Dedicated Freight Corridor Project

  • Construction work has resumed from April 20, 2020 and is picking up pace
  • ~64% of package 201 and ~73% of package 202 completed


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Created by Asif Farooqui on 2021/05/03 16:01

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