GMR Airports Infrastructure reported a consolidated profit after tax (PAT) of INR 1.05bn for December quarter, against a loss of INR 5.15bn in the year-ago period, the company said in a regulatory filing.
On a standalone basis, the company reported a loss of INR 96.1 million for Q3 FY23, while revenue from operations stood at INR 284.4 million, it added.
However, the company's return to profitability is aided by an exceptional gain of INR 2.93bn.
The exceptional gain pertains to a reversal of lease receivables and gain on carrying value of investments. The company also received INR 13.90bn for divestment of its stake in Cebu Airport in the Philippines.
The group reported an increase in revenue 29.5% year-on-year to INR 17.66bn compared to INR 13.64bn
Its earnings before interest, tax, depreciation and amortisation (EBITDA) declined by 25.9% to INR 5.26bn from INR 7.16bn a year ago, mainly due to the commencement of revenue share payment to the Airports Authority of India for the Delhi Airport.
GMR and National Investment and Infrastructure Fund (NIIF) are also partnering to invest in three airports including in Goa (Mopa) and Andhra Pradesh (Bhogapuram and Vishakhapatnam).
GMR Airports Infrastructure Ltd is the largest private airport operator in Asia and 2nd largest in the world with a passenger handling capacity of over 189 million annually.