GMR Infrastructure (GMRINF) 13

Result Update Rating matrix Rating : Under Review Target : NA Target Period : NA Potential Upside : NA What s changed? Target EPS FY15E EPS FY16E Rating Under Review Under Review Under Review Unchanged Quarterly performance crore Q1FY16 Q1FY15 YoY (%) Q4FY15 QoQ (%) Revenue 2,527.2 2,212.2 14.2 2,368.5 6.7 EBITDA 637.0 580.9 9.7 680.3-6.4 EBITDA (%) 25.2 26.3-105 bps 28.7-351 bps PAT (587.2) (593.2) NM (892.3) NM Stock data Particular Amount Market Capitalization 4,282 crore Total Debt 46,457 crore Cash 6430 crore EV 47,578 crore 52 week H/L 27 / 11 Equity capital 1,573 crore Face value 1 Price performance Return % 1M 3M 6M 12M Ashoka Buildcon (4.1) 12.8 16.8 37.3 GMR Infra (12.5) (14.9) (28.5) (47.0) JP Associates (13.5) (47.6) (59.1) (81.4) IRB Infra 0.2 3.0 (7.9) (2.3) Research Analyst Deepak Purswani, CFA deepak,purswani@icicisecurities.com August 17, 2015 GMR Infrastructure (GMRINF) 13 Losses narrow on better airport division show GMR Infrastructure (GMR) reported an 8.6% YoY growth in revenues to 2401.9 crore. On a positive note, revenues of the airport division grew 18.8% YoY to 977.2 crore EBITDA margin at 35.6% was above our expectation of 25.2% mainly due to airport division margin, which improved 600 bps to 56% in Q1FY16 whereas the highway division margin improved to 70% GMR s losses narrowed down to 429.5 crore (vs. our estimate of a net loss of 587.2 crore) from 892.3 crore in Q4FY15. It was mainly due to better-than-expected margin performance in airport & road division, higher other income and lower interest expenses In Q1FY16, the company completed the rights issue of 1400 crore. Out of this, 1100 crore has been utilised to repay corporate debt. Consequently, its corporate debt came down to ~ 6600 crore whereas its consolidate net debt was at 40,027.4 crore (net debt to equity: 4.2x) In the airport division, GMR reported an all-round performance across airports. While DIAL s passenger traffic reported 13% YoY growth to 11.46 million, HIAL s passenger traffic improved substantially by 23% YoY to 2.95 million. This coupled with refinancing of debt at lower interest rate in DIAL turned the airport division profitable to 119.7 crore vs. 36.7 crore Furthermore, Ministry of Civil Aviation (MoCA) has directed AERA to adopt a hybrid till with 30% cross subsidy for tariff determination of GMR Hyderabad International Airport. However, any delay in AERA s decision on the regulated return and monetisation of real estate division continues to keep its long term profitability under check. Secondly, applicability of hybrid till for Hyderabad Airport is likely to be after March, 2016 when the next regulatory period is going to start from April, 2016 In the energy vertical, GMR continues to make huge losses. In Q1FY16, the company reported a net loss of 513.6 crore due to suboptimal utilisation of gas based power plant with limited availability of gas supply and commissioning of new power plants such as EMCO & Kamalanga plants, which are in stabilisation phase On the urban infrastructure side, GMR has signed a MoU with GUIZHOU International Investment Corporation (GIIC), a consortium of three major Chinese Companies. GIIC would set up a 2000 acre Industrial Park in Kakinada SEZ for Chinese high-end equipment companies entailing an investment of US$2.5-3.5 billion over the next five years Keeping it under review till regulatory clarity emerges We keep our recommendation under review for GMR till regulatory clarity emerges. In the airport division, though clarity emerged over the hybrid till model, the regulator is yet to clarify with regards to regulated return for aero charges & monetisation of real estate assets, which will set the tone for the long term profitability of the airport division. Secondly, in the power vertical, profitability is expected to remain under pressure due to further losses emanating from Rajmandury power plants in the coming quarters. ICICI Securities Ltd Retail Equity Research

Variance analysis Year Q1FY16 Q1FY16E Q1FY15 YoY (%) Q4FY15 QoQ(%) Comments Net Sales 2,401.9 2,527.2 2,212.2 8.6 2,368.5 1.4 Other Income 147.6 85.0 97.0 52.1 84.4 74.8 Consumption of fuel 524.1 622.2 622.2-15.8 450.8 16.3 Employee cost 138.0 152.5 152.5-9.5 141.2-2.3 Generation & Op. Exp 130.8 142.7 142.7-8.4 181.3-27.9 Purchase of traded goods 256.2 268.5 268.5-4.6 306.9-16.5 Other Expenditure 485.3 454.4 454.4 6.8 592.2-18.1 EBITDA 855.2 637.0 580.9 47.2 680.3 25.7 EBITDA Margin (%) 35.6 25.2 26.3 935 bps 28.7 689 bps EBITDA margin at 35.6% was above our expectation of 25.2% mainly due to the airport division margin, which improved 600 bps to 56% in Q1 FY16 whereas the highway division improved to 70% Depreciation 454.3 415.6 453.3 0.2 415.6 9.3 Interest 906.0 918.6 831.7 8.9 967.6-6.4 PBT -357.5-612.2-607.0 NA -618.6 NA Taxes 52.9 25.0 26.5 NA 62.8 NA Exceptional Item 0.0 0.0-18.1 NA -268.2 NA Net Profit -410.4-637.2-651.7 NA -949.5 NA Less: Minority Interest 17.1-60.0 0.0 NA -70.2 NA Share of profit/(loss) from associat -1.9-10.0 58.5 NA -13.0 NA Reported PAT -429.5-587.2-593.2 NA -892.3 NA GMR s losses narrowed down to 429.5 crore (vs. our estimate of a net loss of 587.2 crore) from 892.3 crore in Q4FY15. It was mainly due to better-than-expected margin performance in airport & road division, higher other income and lower interest expenses ICICI Securities Ltd Retail Equity Research Page 2

Segmental details - Quarterly Exhibit 1: Airport division consolidated financial performance crore Q1FY16 Q1FY15 Q4FY15 YoY(%) QoQ(%) Net Revenue 977.2 822.7 914.5 18.8 6.9 EBITDA 544.1 411.6 467.0 32.2 16.5 Margin (%) 55.7 50.0 51.1 PAT 119.7-36.7-48.0 LP LP Margin (%) 12.2-4.5-5.2 Exhibit 2: Energy division consolidated financial performance crore Q1FY16 Q1FY15 Q4FY15 YoY(%) QoQ(%) Net Revenue 1,097.3 1,141.3 1,122.0-3.9-2.2 EBITDA 113.8 43.0 5.8 164.7 1,862.1 Margin (%) 10.4 3.8 0.5 PAT (after MI) -513.6-440.3-601.1 NM NM Margin (%) -46.8-38.6-53.6 Exhibit 3: Road division consolidated financial performance crore Q1FY16 Q1FY15 Q4FY15 YoY(%) QoQ(%) Net Revenue 186.4 162.7 172.3 14.6 8.2 EBITDA 131.2 113.6 81.4 15.5 61.2 Margin (%) 70.4 69.8 47.2 PAT (after MI) -57.1-60.3-111.5 NM NM Margin (%) -30.6-37.1-64.7 ICICI Securities Ltd Retail Equity Research Page 3

Company snapshot 90 80 70 60 50 40 30 20 10 0 Jan-10 Apr-10 Jul-10 Oct-10 Jan-11 Apr-11 Jul-11 Oct-11 Jan-12 Apr-12 Jul-12 Oct-12 Jan-13 Apr-13 Jul-13 Oct-13 Jan-14 Apr-14 Jul-14 Oct-14 Jan-15 Apr-15 Jul-15 Oct-15 Source: Bloomberg, Company, ICICIdirect.com Research Key events Date Event Jun-15 The Ministry of Civil Aviation (MoCA) directs Airport Economic Regulatory Authority (AERA) to adopt a 'Hybrid Till Model' with 30% cross subsidiation for the tariff determination of GMR Infrastructures' Gyderabad airport (GHIAL) Jun-15 GMR Airport Developers Ltd (GADL), a subsidiary of GMR Infrastructure, signs a memorandum of understanding (MoU) with Oman Airports Management Co (OAMC) for providing training and consultancy services. As per the MoU, the GMR subsidiary will provide services ranging from programme management, testing and commissioning of airport systems to development of aeronautical and non-aeronautical revenue streams Jun-15 GMR Group, through holding company for its roads projects - GMR Highways, is looking to raise upto 4,000 crore through an Infrastructure Investment Trust (InvIT) listing, which may include few of its six completed highway projects. The company may file the DRHP by the end of this year Jun-15 GMR Infrastructure in advanced stages of refinancing a 4,500 crore loan for its Kamalanga power project in Odisha under 5/25 scheme Jun-15 GMR Infrastructure's joint venture with Megawide Construction Corp of Philippines breaks ground for construction of Mactan-Cebu International Airport (MCIA) Terminal 2, which is expected to be completed by 2018 Jul-15 The Delhi High Court dismisses petition of infrastructure major GMR challenging NHAI's move to invoke the bank guarantee worth 269 crore of 555 km Kishangarh- Udaipur-Ahmedabad highway project costing 5,500 crore awarded to GMR in November 2011 Jul-15 GMR in race for five airports in Philippines worth $2.4 billion. The other prospective bidders who bid for the five airport projects are Metro-Pacific-JG Summit Consortium, Aboitiz Equity Ventures, Miguel Corp, Philippine Skylanders Inc and Union Equities Top 10 Shareholders Rank Name Latest Filing Date % O/S Position (m) Change (m) 1 GMR Group 28-Jul-15 52.7 2,788.9 3.9 2 GMR Business & Consultancy, L.L.P. 30-Jun-15 15.2 805.6 752.7 3 Life Insurance Corporation of India 30-Jun-15 2.0 103.0 34.7 4 Carmignac Gestion 31-Mar-15 1.7 91.5-2.8 5 ICICI Prudential Asset Management Co. Ltd. 30-Jun-15 1.4 74.8-19.7 6 HSZ (Hong Kong) Limited 31-Mar-15 1.1 56.7-9.5 7 The Vanguard Group, Inc. 30-Jun-15 0.9 45.3 4.5 8 LIC Nomura Mutual Fund Asset Management Company Ltd 31-Mar-15 0.8 44.2 0.0 9 Deutsche Asset & Wealth Management 31-Aug-14 0.6 30.0 30.0 10 Dimensional Fund Advisors, L.P. 31-May-15 0.4 19.1 0.5 Source: Reuters, ICICIdirect.com Research Shareholding Pattern (in %) Jun-14 Sep-14 Dec-14 Mar-15 Jun-15 Promoter 71.70 64.11 64.83 65.72 68.95 FII 11.60 16.20 13.99 12.10 10.27 DII 7.47 8.14 8.68 8.80 8.75 Others 9.23 11.55 12.50 13.38 12.03 Recent Activity Buys Sells Investor name Value Shares Investor name Value Shares GMR Business & Consultancy, L.L.P. 165.70m 752.66m ICICI Prudential Asset Management Co. Ltd. -4.33m -19.66m Life Insurance Corporation of India 12.57m 34.71m Jupiter Asset Management Ltd. -3.69m -13.55m Deutsche Asset & Wealth Management 7.64m 30.00m JM Financial Asset Management Pvt. Ltd. -3.10m -11.41m The Vanguard Group, Inc. 1.42m 4.46m SBI Funds Management Pvt. Ltd. -2.52m -9.55m British Columbia Investment Management Corp. 0.98m 3.89m HSZ (Hong Kong) Limited -2.12m -9.47m Source: Reuters, ICICIdirect.com Research ICICI Securities Ltd Retail Equity Research Page 4

Financial summary Profit and loss statement Crore ( Crore) FY12 FY13 FY14 FY15P Net Sales 7,642.1 8,263.8 8,709.5 9,022.8 Growth (%) 31.4 8.1 5.4 3.6 Op. Expenditure 5,982.5 5,786.5 6,144.1 6,468.2 EBITDA 1,659.5 2,477.1 2,565.4 2,554.6 Growth (%) 6.7 49.3 3.6-0.4 Other Income 243.4 277.2 315.9 327.5 Depreciation 935.8 1,039.8 1,455.0 1,812.5 EBIT 967.1 1,714.5 1,426.3 1,069.6 Interest 1,653.1 2,099.0 2,971.9 3,571.9 Extraordinary Item -162.1 777.3 1,820.1-304.1 PBT -848.1 392.8 274.5-2,806.4 Tax 210.7 257.5 166.3 152.8 Rep. PAT before MI -1,058.8 135.3 108.3-2,959.2 Minority interest (MI) -455.5 47.3 98.4-225.9 Rep. PAT after MI -603.3 88.0 9.9-2,733.3 Adjustments -162.1 777.3 1,820.1-304.1 Adj. Net Profit -441.2-689.3-1,810.2-2,429.2 Growth (%) NM NM NM NM EPS -1.1-1.8-1.2-1.5 Cash flow statement Crore ( Crore) FY12 FY13 FY14 FY15P Net Profit before Tax -848.1 392.8 274.5-2,806.4 Others 0.0 0.0 0.0 0.0 Depreciation 935.8 1,039.8 1,455.0 1,812.5 Diect Tax Paid 210.7 162.0 134.8 127.2 Int. & Finance charges 1,653.1 2,099.0 2,971.9 3,571.9 CF before chg in WC 1,530.1 3,369.6 4,566.6 2,450.8 Inc./(Dec.) in Curr Liab. 3,462.2 1,936.2-1,545.6 565.8 Inc./(Dec.) in Curr Ass. 4,972.0 2,736.8-304.3-1,546.4 CF from operations 20.3 2,568.9 3,325.2 4,563.0 Purchase of Fixed Ass. -12,279.1-5,552.4-7,292.8-408.5 (Inc.)/Dec. in Investment 2,252.5 438.8-596.8-533.1 CF from Investing -10,026.5-5,113.5-7,889.6-941.6 Inc./(Dec.) in Debt 13,310.5 7,409.5 3,989.5 1,581.3 Interest paid -1,653.1-2,099.0-2,971.9-3,571.9 Others -768.3-1,887.3-482.4 1,850.8 CF from Financing 10,889.1 3,423.2 535.2-139.8 Net Cash Flow 882.9 878.6-4,029.2 3,481.7 Opening Cash 3,373.2 4,256.1 5,134.8 3,321.2 Closing Cash 4,256.1 5,134.8 3,321.2 3,904.0 Balance sheet Crore ( Crore) FY12 FY13 FY14 FY15P Liabilities Equity Capital 389.2 389.2 1,525.9 1,572.8 Pref shares 1,980.1 1,971.1 1,155.6 2,015.7 Reserves & Surplus 7,148.5 6,888.9 6,095.2 4,305.8 Shareholders Funds 9,517.9 9,249.3 8,776.7 7,894.2 Minority Interest 1,791.7 1,720.0 2,008.6 1,765.5 Total Loans 36,028.9 42,004.2 45,040.7 47,201.6 Deferred Tax Liab. -98.2-2.7 28.7 54.3 Source of Funds 47,240.3 52,970.7 55,854.8 56,915.6 Assets Gross Block 24,268.6 29,251.3 39,789.3 43,631.1 Less: Acc. Depr. 4,115.4 5,177.9 6,150.0 7,962.5 Net Block 20,153.2 24,073.4 30,178.1 35,668.6 Capital WIP 18,696.0 19,178.3 15,733.8 12,153.5 Net Fixed Assets 38,849.2 43,251.7 45,912.0 47,822.1 Goodwill on consolidation 3,174.5 3,261.8 3,461.2 3,608.1 Investments 721.6 282.8 879.6 1,412.7 Inventories 259.5 270.4 358.9 304.9 Trade Receivables 1,837.4 1,869.0 1,771.9 1,721.4 Cash 4,256.1 5,134.8 3,321.2 3,904.0 Loans & Advanaces 6,994.1 9,688.2 9,392.6 7,950.7 Total Current Asset 13,347.0 16,962.6 14,844.6 13,881.0 Current Liab. & Prov. 8,852.0 10,788.1 9,242.5 9,808.3 Net Current Asset 4,495.1 6,174.4 5,602.1 4,072.7 Misc Expenditure 0.0 0.0 0.0 0.0 Application of funds 47,240.3 52,970.7 55,854.8 56,915.6 Key ratios FY12 FY13 FY14 FY15P Per share data ( ) EPS -1.1-1.8-1.2-1.5 Cash EPS 0.9 2.9 1.0-0.6 BV 19.4 18.7 5.0 3.7 DPS 0.0 0.0 0.0 0.0 Operating Ratios (%) EBITDA Margin 21.7 30.0 29.5 28.3 PBT Margin -11.1 4.8 3.2-31.1 PAT Margin -5.8-8.3-20.8-26.9 Inventory days 11 12 13 13 Debtors days 75 82 76 71 Creditors days 340 434 420 385 Return Ratios (%) RoE -4.6-7.5-20.6-30.8 RoCE 2.0 3.2 2.6 1.9 RoIC 2.2 3.6 2.7 2.0 Valuation Ratios (x) P/E NA NA NA NA Net Sales/Total Asset 0.2 0.2 0.2 0.2 EV / EBITDA 30.5 22.9 37.4 39.3 EV / Net Sales 6.6 6.9 11.0 11.1 Price to Book Value 1.7 1.7 6.5 8.7 Solvency Ratios Debt/EBITDA 19.1 14.9 16.3 16.9 Debt / Equity 3.3 4.0 4.8 5.5 Current Ratio 1.5 1.6 1.6 1.4 ICICI Securities Ltd Retail Equity Research Page 5

ICICIdirect.com coverage universe (Infrastructure) CMP M Cap EPS ( ) P/E (x) EV/EBITDA (x) P/B (x) RoE (%) Sector / Company ( ) TP( ) Rating ( Cr) FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E FY15E FY16E FY17E GMR Infra (GMRINF) 13 UR UR 5,033-1.8-1.2-1.5 NM NM NM 22.9 37.4 39.3 1.7 6.5 8.7 NM NM NM JP Associates (JAIASS) 10 UR UR 2,505-4.6-4.8-1.0 NM NM NM 11.9 17.5 10.6 0.2 0.2 0.2 NM NM NM IRB Infra (IRBINF) 241 274 Hold 8,470 15.5 16.9 15.9 15.6 14.3 15.2 8.0 6.3 6.4 1.9 1.8 1.6 12.4 12.4 10.7 Ashoka Buildcon (ASHBUI) 177 200 Buy 3,299 4.4 3.8 6.4 42.0 47.9 28.8 15.1 10.1 8.6 2.2 2.1 1.9 6.1 5.1 7.9 ICICI Securities Ltd Retail Equity Research Page 6

RATING RATIONALE ICICIdirect.com endeavours to provide objective opinions and recommendations. ICICIdirect.com assigns ratings to its stocks according to their notional target price vs. current market price and then categorises them as Strong Buy, Buy, Hold and Sell. The performance horizon is two years unless specified and the notional target price is defined as the analysts' valuation for a stock. Strong Buy: >15%/20% for large caps/midcaps, respectively, with high conviction; Buy: >10%/15% for large caps/midcaps, respectively; Hold: Up to +/-10%; Sell: -10% or more; Pankaj Pandey Head Research pankaj.pandey@icicisecurities.com ICICIdirect.com Research Desk, ICICI Securities Limited, 1st Floor, Akruti Trade Centre, Road No 7, MIDC, Andheri (East) Mumbai 400 093 research@icicidirect.com ICICI Securities Ltd Retail Equity Research Page 7

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