GMR Airports Limited (GAL) has approved its unaudited financial results for Q2, revealing mixed performance across standalone and consolidated figures.

Financial Results

On a standalone basis, GAL reported revenue of Rs. 477.97 crore and a loss after tax of Rs. 178.00 crore. The consolidated results showed a higher revenue of Rs. 3,205.23 crore, but still resulted in a loss after tax of Rs. 137.11 crore.

Key Board Decisions

Bond Issuance

The Board has authorized the issuance of non-convertible bonds worth up to Rs. 6,000.00 crore. This move is aimed at refinancing existing bonds, potentially improving the company's debt structure.

New Secretarial Auditor

M/s. V Sreedharan & Associates has been appointed as the Secretarial Auditor for a 5-year term from FY 2025-26 to FY 2029-30, subject to shareholder approval.

Operational Highlights

Duty-Free Operations

GMR Airports commenced duty-free operations at Delhi Airport on July 28. This follows a license agreement that was signed in August of the previous year, marking an expansion of the company's non-aeronautical business activities.

Outlook

While the company continues to face challenges as evidenced by the reported losses, the strategic decisions made by the Board, such as the bond issuance and expansion into duty-free operations, indicate efforts to strengthen financial position and diversify revenue streams.

The appointment of a new Secretarial Auditor for a long-term period suggests a focus on maintaining strong corporate governance practices.

GMR Airports Limited continues to navigate a complex business environment, balancing expansion efforts with financial management strategies. The coming quarters will be crucial in determining the effectiveness of these measures in improving the company's overall performance.

GMR Airports Limited (GAL), a key player in the airport infrastructure sector, has marked a significant milestone by commencing duty-free operations at Indira Gandhi International Airport in New Delhi. The company officially began its duty-free retail venture on July 28, 2025, expanding its portfolio beyond airport infrastructure management.

Expansion into Retail Operations

The move into duty-free retail represents a strategic diversification for GMR Airports Limited. This expansion follows the company's success in securing the Delhi Duty Free Concession bid, a development that was initially announced on August 21, 2024. The transition into operational status came after nearly a year of preparation, highlighting the complex nature of establishing large-scale retail operations within an international airport setting.

Key Details of the Concession

Strategic Implications

This venture into duty-free retail marks a significant step for GMR Airports Limited, broadening its revenue streams and enhancing its presence across the airport value chain. By directly managing duty-free operations, the company is positioned to capture a larger share of airport-related commerce, potentially leading to improved financial performance and diversified income sources.

Corporate Governance and Transparency

In line with regulatory requirements, GMR Airports Limited promptly informed the stock exchanges about this operational milestone. T. Venkat Ramana, Company Secretary & Compliance Officer, filed the intimation under Regulations 30 and 51 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, demonstrating the company's commitment to transparent communication with its stakeholders.

Looking Ahead

As GMR Airports Limited embarks on this new chapter in duty-free retail, industry observers will be keen to see how this diversification impacts the company's overall performance and strategy in the competitive airport services sector. The success of this venture could potentially pave the way for similar expansions at other airports within the company's portfolio.

This development underscores the dynamic nature of the airport industry, where operators are increasingly looking beyond traditional revenue models to maximize the value of their concessions and enhance the overall traveler experience.