Financial Performance - GMR

GMR INFRASTRUCTURE LTD.
FINANCIAL OVERVIEW
OCTOBER 2009
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Presentation Flow
Page No.
Overview
2
Airports Segment
4
Energy Segment
14
Highways & Urban Infrastructure Segments
20
Consolidated Financial Performance
25

Overview

Leading Infrastructure Developer of India
Infrastructure
Construction Division
Airports
Energy
Highways
Urban
Infrastructure
Indian Businesses
Delhi Airport (Pax Traffic ~ 22.9 mn)
Hyderabad Airport (Pax Traffic ~ 6.2 mn)
Assets in Operation - 823 MW
Assets under Development – 6,808 MW
Assets in Operation - 421 kms
Assets under Development - 210 kms
At Delhi Airport
250 acres for Commercial Development
At Hyderabad Airport
1,000 acres for Commercial Development
250 acres Aviation SEZ
250 acres Logistic SEZ
In Tamil Nadu
3,300 acres SEZ
InterGen N.V.
International Businesses
Istanbul Airport (Pax Traffic ~ 4.4 mn)
Assets in Operation - 7,658 MW
– UK - 2,385 MW
– Mexico - 2,223 MW
– Netherlands - 820 MW
– Philippines - 460 MW
– Australia - 1,770 MW
Assets under Construction - 428 MW
– Netherlands - 428 MW
Island Power
Assets under Development - 800 MW
– Singapore - 800 MW

Airports Segment

Delhi Airport: Developing India’s Largest Airport
ecent Developments
Quarterly Operational Performance
New Integrated
Terminal (T3)
Passenger (mn)
6.1 5.9 6.2
1.9 2.1
1.8
4.2 3.9 4.5
% Growth
Q-o-Q Y-o-Y
3.4% (1.5%)
(8.6%)
9.8%
6.7%
(4.8%)
Integrated Terminal (T3) – 76% completed as on 30 Sep 09
To be operationalized by March 2010
Domestic Departure Terminal (T1D) operationalized in Apr 2009
10 mn Passenger Capacity added
Airport Development Fees R.s 1,827 bn securitized
JVs signed for Duty-free & F&B Concession in T3
49.9% stake in Duty-free JV with Aer Rianta & Indian Duty
Free Services
40% stake in F&B JVs with Travel Food Services & Devyani
International
Operation Support Period for AAI employees completed
Awarded 29.3 acres of Land Parcels for Commercial
Development
Enhanced flexibility in land usage for 250 acres
Q1 FY 10 Q4 FY 09 Q1 FY 09
Cargo (’000 tons)
113.3
99.9
114.4
78.3
69.4
80.1
35.1 30.5 34.4
Q1 FY 10 Q4 FY 09 Q1 FY 09
ATMs (’000)
55.4 53.2 57.7
15.4 14.7 14.7
40.0 38.5 43.0
Q1 FY 10 Q4 FY 09 Q1 FY 09
Domestic International
% Growth
Q-o-Q Y-o-Y
13.4% (1.0%)
12.7%
14.9%
(2.3%)
2.0%
% Growth
Q-o-Q Y-o-Y
4.1% (4.0%)
4.8%
3.9%
4.8%
(7.0%)

Delhi Airport: Annual Operational Performance
1
Passengers (Pax)
2
Air Traffic Movements (ATMs)
CAGR: 16%
CAGR: 16%
(in mn)
(in nos.)
3
Cargo Traffic Movement
Delhi Airport Overview
CAGR: 5%
Terminal 1D
Domestic
International

Delhi Airport: Financial Performance
Rs. mn
1
2
3
Quarterly Results Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09 FY 08
Gross Revenue 2,391 2,577 2,282 9,476 8,706
Aero Revenue 866 919 898 3,421 3,219
Non Aero Revenue 1,525 1,658 1,384 6,056 5,487
Less: Revenue Share 1,110 1,189 1,059 4,406 4,027
Net Revenue 1,281 1,388 1,223 5,070 4,679
Total Expenditure 1,156 937 1,058 4,444 3,748
EBITDA 125 451 166 626 931
EBITDA margin 5.2% 32.5% 13.5% 12.4% 19.9%
Other Income (20) 7 16 50 48
Interest & Finance Charges 258 327 3 494 5
Depreciation 232 247 23 525 91
PBT (385) (116) 155 (342) 883
Tax (127) (37) 5 (107) 316
PAT (Before Minority Interest) (259) (80) 150 (235) 567
PAT Margin (10.8)% (5.7)% 12.3% (4.6)% 12.1%
Minority Interest (129) (39) 75 (117) 283
PAT (After Minority Interest) (130) (40) 75 (118) 284
Cash Profit (27) 131 173 159 948
1
2
3
Increase in Q1 FY10 Non-Aero revenue (YoY) is mainly due to 1) Increase in Duty-Free revenue due to leasing of additional space;
2) Baggage screening charges for International Terminal initiated in Aug 2008; 3) Additional land leased for Hanger.
Reduction in Q1 FY10 Expenses (YoY) as Operation Support Period for AAI employees was completed in May 2009.
Increase in Q1 FY10 Interest and Depreciation (YoY) due to capitalization of New Runway and Domestic Departure Terminal (T1D)

Hyderabad Airport: India’s First Greenfield Airport Through PPP
Recent Developments
Quarterly Operational Performance
Passenger (mn)
1.50 1.45
0.42 0.37
1.80
0.40
% Growth
Q-o-Q Y-o-Y
5.8% (13.5%)
11.1%
8.1%
New Terminal
Building
1.13 1.08
1.40
3.9%
(19.5%)
Q1 FY 10 Q4 FY 09 Q1 FY 09
10% increase in Aero Charges from 1 Jul 2009;
Includes Landing and Parking Charges
JV for MRO with Malaysian Aerospace Engineering (MAE)
MAE – Certified by 31 National Aviation Authorities Globally
Cargo (’000 tons)
14.0 13.4 14.2
9.1 7.1 8.8
4.9 6.3 5.5
Q1 FY 10 Q4 FY 09 Q1 FY 09
% Growth
Q-o-Q Y-o-Y
4.5% (1.7%)
27.2%
(21.4%)
3.8%
(10.5%)
MoU with CFM International (CFM) to develop Training Center
CFM – Leading Supplier of Engines to Airbus & Boeing
Hyderabad positioned as a “Transshipment Hub”
Appointed Districon as Consultant
ATMs (’000)
20.1 19.6
3.2 3.1
16.9 16.4
22.4
2.6
19.8
% Growth
Q-o-Q Y-o-Y
2.7% (10.2%)
1.3%
3.0%
20.9%
(14.4%)
Q1 FY 10 Q4 FY 09 Q1 FY 09
Domestic
International

Hyderabad Airport: Annual Operational Performance
1
Passengers (PAX)
2
Air Traffic Movements (ATMs)
CAGR: 22%
CAGR: 23%
(in mn)
(in nos.)
3
Cargo Traffic Movement
Hyderabad Airport Overview
CAGR: 12%
Domestic
International

Hyderabad Airport: Financial Performance
Rs. mn
1
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09
Gross Revenue 1,041 1,132 851 3,859
Aero Revenue 571 630 373 2,058
Non Aero Revenue 470 501 478 1,802
Less: Revenue Share 46 46 34 163
Net Revenue 996 1,086 817 3,696
Total Expenditure 460 502 519 2,266
EBITDA 536 584 298 1,430
EBITDA margin 51% 54% 36% 39%
Other Income 17 16 8 36
Interest & Finance Charges 427 505 301 1,536
Depreciation 319 315 257 1,122
PBT (193) (221) (252) (1,192)
Tax 5 0 4 19
PAT (Before Minority Interest) (187) (221) (256) (1,211)
PAT Margin (18)% (20)% (31)% (33)%
Minority Interest (73) (81) (95) (448)
PAT (After Minority Interest) (114) (139) (161) (763)
Cash Profit 299 94 1 (89)
1
Increase in Q1 FY10 Aero Revenues (YoY) is mainly due to start of collection of User Development Fees (UDF).
UDF collection for International Passengers started from 23 April 08 & for Domestic Passengers started from 22 August 08.

Turkey Airport (ISGIA) : Rapidly Growing Airport
Recent Developments
ISGIA Project on Schedule
New Terminal Building Inauguration scheduled for
31 Oct 2009
New multi-storey car park operationalised in Apr 2009
VIP lounge & Trigen facility to be developed
Quarterly Operational Performance
Passenger (mn)
1.5
0.5
1.1 1.1
0.3 0.4
1.0 0.8 0.7
Q1 FY 10 Q4 FY 09 Q1 FY 09
% Growth
Q-o-Q Y-o-Y
29.4% 31.8%
45.9% 16.5%
23.0% 40.3%
Financing Secured
Cargo (’000 tons)
19.7
% Growth
Q-o-Q Y-o-Y
2.9% (64.0%)
Master Plan for Development
7.1 6.9
17.6
(27.5%)
(72.0%)
A
D
C
B
A
B
C
D
Existing terminals
New terminal
Car park
Hotel
5.0
2.1 6.9 0.0 2.1
Q1 FY 10 Q4 FY 09 Q1 FY 09
ATMs (’000)
11.9
10.0
11.7
4.1
3.6
5.1
7.8 6.4 6.6
0.0%
% Growth
Q-o-Q Y-o-Y
19.0% 1.7%
13.9%
21.9%
(19.6%)
18.2%
Q1 FY 10 Q4 FY 09 Q1 FY 09
Domestic
International

Turkey Airport (ISGIA): Financial Performance
Rs. mn
1
2
Quarterly Results
Annual Results
Q4 FY 09 Q1 FY 10 Q1 FY 09 FY 09
Gross Revenue 365 604 586 2,669
Aero Revenue – – – –
Non Aero Revenue 365 604 586 2,669
Less: Revenue Share – – – –
Net Revenue 365 604 586 2,669
Total Expenditure 414 491 593 2,573
EBITDA (49) 113 (8) 96
EBITDA margin (13)% 18.7% (1.3)% 3.59%
Other Income (90) – – (67)
Interest & Finance Charges (8) 10 17 14
Depreciation 69 148 86 394
PBT (200) (44) (110) (380)
Tax (73) (22) 0 (61)
PAT (Before Minority Interest) (127) (23) (110) (319)
PAT Margin (34.0)% (3.7)% (18.9)% (11.9)%
Cash Profit (58) 106 (24) 13
* All Financial Numbers represent GIL’s 40% ownership share
* Q1 FY09 numbers represents results for May 2008 & June 2008 (SGIA assumed control of Project in May 2008)
1
Increase in Q1 FY10 EBITDA (YoY) is mainly due to Revenue mix shift from 1) Increase in higher margin Duty-Free and Passenger Service
Fees revenue; 2) Reduction in lower margin Fuel Sale revenue.
2
Increase in Q1 FY10 Depreciation (YoY) due to capitalization of Car Parking.

Airports Segment: Financial Performance
Rs. mn
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09 FY 08
Gross Revenue 4,020 4,475 3,862 16,729 8,770
Aero Revenue 1,438 1,549 1,271 5,478 3,238
Non Aero Revenue 2,582 2,897 2,592 11,251 5,532
Mgmt Services 0 29 0
Less: Revenue Share 1,156 1,235 1,093 4,570 4,031
Net Revenue 2,864 3,240 2,769 12,159 4,739
Total Expenditure 2,223 2,067 2,274 9,881 4,380
EBITDA 640 1,174 495 2,278 359
EBITDA margin 15.9% 36.2% 17.9% 18.7% 7.6%
Other Income (75) 18 27 37 91
Interest & Finance Charges 653 836 317 2,036 25
Depreciation 595 722 375 2,077 119
PBT (682) (365) (170) (1797) 307
Tax 202 (54) 14 (120) 317
PAT (Before Minority Interest) (481) (311) (185 (1678) (11)
PAT Margin (11.9)% (9.6)% (6.7)% (13.8)% (0.2)%
Minority Interest (165) (115) 2 (497) 78
PAT (After Minority Interest) (316) (197) (187) (1181) (88)
Cash Profit 114 355 192 204 398

Energy Segment

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Diversified Portfolio of Energy Assets
Project
Recent Developments
Project Pipeline
Vemagiri
Expansion
(768 MW)
GMR Energy
(Mangalore)
(235 MW)
768 MW expansion planned
Adequate land available at the site
KG Basin Gas allocation expected
100% of Power on Merchant Tariff
To be relocated to Kakinada by Apr 2010
Gas allocated from KG Basin
9,000
8,000
7,000
6,000
5,000
4,000
3,000
2,000
1,000
0
823
2,418
1,200
2,460
730 7,631
Kamalanga
(1,050 MW)
Achieved financial closure for ~Rs. 45 bn
EPC contract awarded to SEPCO of
China
2009 2012 2013 2014 2015 Ultimate Capac
Chattisgarh
(1,200 MW)
Land acquired
Evaluating bids for BTG and BoP
package
Recommended for coal linkage by CEA 1
Operational Performance (PLF)
Q1FY 10 Q4 FY09 Q1 FY09
Acquired 100% stake of Thermal Coal
Plant in Maharashtra
GMR Energy
(220 MW)
28 % 90 % 28 %
EMCO
Energy
(600 MW)
Land acquired
Key approvals such as Coal Linkages,
Water Allocation, MOEF 2 Approval
received
Construction to commence in Q4 FY10
GMR Power
(200 MW)
Vemagiri
(388 MW)
84 % 78 % 86 %
80 % 39 % 25 %
1 CEA: Central Electricity Authority
2 MOEF: Ministry of Environment and Forestry

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Energy Segment: Quarterly Operational Performance
Total Portfolio Q1 FY 2010 – 1,202 mn Units
Power Offtake Break-up
Fuel Source Break-up
Merchant,
136 mn Units
11%
Liquid Fuel Plant,
504 mn Units
42%
Contracted,
1,066 mn Units
89%
Gas Plant,
698 mn Units
58%
Vemagiri Power GMR Energy GMR Power
INR per Unit INR per Unit INR per Unit

Energy Sector: Financial Performance
1
Rs. mn
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09 FY 08
Gross Revenue 6,537 6,356 5,114 21,527 15,530
Contracted 2,680 4,064 5,071 13,555 15,412
Merchant Sale 2,609 912 – 4,784 –
Power Trading 930 1,308 – 1,320 –
Management Fees 318 72 44 1,868 118
Cost of Fuel 3,723 3,707 3,824 13,450 10,237
Operating Expenses 1,727 1,700 202 2,737 1,794
EBITDA 1,087 949 1,088 5,341 3,499
EBITDA margin 16.5% 14.9% 21.3% 24.8% 22.5%
Other Income 2 31 39 114 511
Interest & Finance Charges (Net) 243 310 217 955 1,065
Depreciation 283 300 293 1,172 1,175
PBT 563 370 617 3,328 1,770
Tax 77 64 77 283 184
PAT (Before Minority Interest) 486 306 540 3,045 1,586
PAT Margin 7.3% 4.8% 10.6% 14.1% 10.2%
Minority Interest 6 95 80 310 276
PAT (After Minority Interest) 480 211 461 2735 1,310
Cash Profit 769 606 833 4,217 2,760
1
Increase in Q1 FY10 Operating Expenses (YoY) due to initiation of Power Trading by GMR Energy Trading Ltd. (GETL) in [ ].

Highways & Urban Infrastructure Segments

Highways: Building Paths to Progress
Recent Developments
Highways - Annuity per Month (Rs. mn)
Tindivanam - Ulundurpet commenced
Commercial Operations on 23 Jul 2009
73 kms, 4 lane project on a Toll Basis
Awarded the Hyderabad - Vijaywada project
181 kms, 4 lane project on a Toll Basis
Total estimated outlay of Rs. 22,000 mn
Awarded the Chennai Outer Ring Road project
Highways - Toll Collection per Month (Rs. mn)
30 kms, 6 lane and 2 Service Road on an
Annuity Basis
Total estimated outlay of Rs. 11,000 mn
Shortlisted to submit price bids for 8 Projects
Total estimated outlay of Rs. 99,710 mn

Highways: Financial Performance
Rs. mn
1
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY 09 FY 09 FY 08
Gross Revenue 464 764 347 1,523 1,397
Annuity Income 365 617 347 1,414 1,397
Toll Collection 99 147 – 109 –
Operating Expenses 70 111 60 266 217
EBITDA 394 653 287 1,257 1,180
EBITDA margin 84.91% 85.5% 82.7% 82.5% 84.5%
Other Income 10 7 5 14.71 1.6
Interest & Finance Charges (Net) 178 379 66 392 273
Depreciation 179 308 113 557 443
PBT 47 (27) 113 322 465
Tax 13 14 13 56 49
PAT (Before Minority Interest) 34 (41) 100 267 417
PAT Margin 7% (5)% 29% 17.52% 29.84%
Minority Interest 38 35 39 163 190
PAT (After Minority Interest) (4) (76) 61 104 227
Cash Profit 213 267 213 824 860
1
Increase in Q1 FY10 Gross Revenue (YoY) due to induction of revenue from Ambala, Jadcherala & Pochanpally Highway Projects.

Urban Infrastructure and Construction
Urban Infrastructure Segment
Construction Division
~50% of 3,300 acres of land acquired for Multi-Product
SEZ in Krishnagiri, Tamil Nadu
SEZ to focus on Biotechnology, IT & ITES,
Electronics & Engineering Industries
Phase-I (around 250 acres) to cost ~Rs. 10 bn
Finalization of MoU to initiate Phase-I
Signed Agreement with SEPCO (Chinese supplier) for
Kamalanga Project in Orrissa
Township Development & Parts of Balance of Plants
Submitted bids for Highway Projects
Hyderabad – Vijaywada & Chennai ORR Projects
Completed Break-water structure at GEL – Barge

Urban Infrastructure & Others: Financial Performance
Rs. mn
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09 FY 08
Gross Revenue 3,223 1,415 624 4,983 1,282
Income from Investment 338 186 588 1,756 1,098
Operating Income 2,885 1,229 36 3,226 184
Operating Expenses 2,673 979 108 3,188 335
EBITDA 749 436 517 1,794 947
EBITDA margin 23.2% 30.8% 82.8% 36.0% 73.8%
Other Income 56 65 2 45.6 94.1
Interest & Finance Charges (Net) 79 73 89 299 324
Depreciation 47 43 18 93 49
PBT 679 385 412 1,448 668
Tax 296 99 -2 310.9 33.5
PAT (Before Minority Interest) 383 286 414 1,137 634
PAT Margin 11.8% 20.2% 66.3% 22.8% 49.5%
Cash Profit 430 315 419 1,194 673
1
Increase in Q1 FY10 Operating Income (YoY) due to Income from Construction JV for Turkey Airport Project

Consolidated Financial Performance

Consolidated Profitability Statement
Rs. mn
Quarterly Results
Annual Results
Q4 FY09 Q1 FY10 Q1 FY09 FY 09 FY 08
Gross Revenue 14,434 13,010 9,948 44,762 26,979
Airports 4,020 4,475 3,862 16,729 8,770
Power 6,528 6,356 5,114 21,527 15,530
Roads 465 764 347 1,523 1,397
Other 3,421 1,415 625 4,981 1,282
Net Revenue 13,278 11,775 8,855 40,192 22,948
Total Expenditure 10,416 8,563 6,468 29,524 16,963
EBITDA 2,862 3,213 2,387 10,668 5,985
EBITDA margin 19.8% 27.3% 27.0% 26.5% 26.1%
Other Income (7) 121 72 214 698
Interest & Finance Charges (Net) 1,152 1598 689 3,682 1,687
Depreciation 1,105 1373 799 3,898 1,785
PBT 598 362 972 3,301 3,210
Tax 186 122 102 530 584
PAT (Before Minority Interest) 412 240 870 2,771 2,627
PAT Margin 2.8% 2.0% 9.8% 6.9% 11.4%
Minority Interest (120) 15 121 (23) 526
PAT (After Minority Interest) 532 225 749 2,794 2,101
Cash Profit 1,517 1,544 1,656 6,438 4,692

Consolidated Balance-Sheet
Rs. mn
Quarterly Results Annual Results
Q1 FY10 Q1 FY09 FY 09 FY 08
Equity 3667 3641 3641 3641
Reserves & Surplus 62740 58415 61070 57531
Minority Interest 17846 13002 18061 11126
Total Networth 84,254 75,059 82,840 72,300
Total Debt 147,870 85,021 120,240 79,770
Secured 126,002 73,453 106,604 68,438
Unsecured 21,872 11,568 13,636 11,332
Deffered Tax Liability 122 413 190 430
Total Liabilities 232,250 160,493 203,270 152,500
Gross Block 119984 70717 114326 66917
Less: Accumulated Depreciation 19003 14933 17809 14218
Net Fixed Assets 100,980 55,784 96,520 52,700
Capital Work in Progress 82,090 57,680 67,910 45,230
Investment 23,366 42,531 14,110 49,000
Cash & Bank Balance 24,495 7,078 23,660 8,940
Net Current Assets 1,319 (2,580) 1,070 (3,370)
Total Assets 232,250 160,493 203,270 152,500

Segment-wise Financial Performance for Q1 FY2010
Net Revenue
EBITDA
12%
6%
28%
54%
Total = Rs. 11.78 bn
Total = Rs. 3.2 bn
Cash Profit
Capital Employed
Total = Rs. 1.5 bn
Total = Rs. 84.38 bn
Power Airports Highways Others

InterGen: Financial Performance
US$ In Mn
Half yearly Results
Annual Results
H2 CY08 H1 CY09 H1 CY08 CY08 CY 07
Revenue – Proportional 1,152 915 1,017 2,169 1,748
Revenue – Consol 761 602 679 1,440 1,113
EBITDA-Tier I 188 98 241 429 405
EBITDA-Tier II 136 122 78 214 242
Corporate & Development (21) 18 (18) (39) (118)
Consol EBITDA 303 238 301 604 529
Consolidated Debt (Proportional) 4,113 4,298 4,225 3,208 4,090
Proportional Adjusted EBITDA
Tier I
Coryton 75 46 111 186 179
Rocksavage 35 (7) 51 85 83
Spalding 38 52 48 87 73
LaRosita 40 6 31 71 69
Tier II
Rijnmond 49 26 17 66 61
Millmerran 9 12 23 32 32
Callide 1 9 (10) (9) 33
Quezon 38 33 33 71 72
Bijio 26 28 15 40 45
Campeche 9 (12) - 9 -
Chihuahua 4 13 - 4 -
Libramiento 0.9 11 - 0.9 -
1
Decrease in H1 CY09 EBITDA (YoY) due to expected events such as,
1) expiration of Coryton Gas supply contract in 2008; 2) major planned outages combines with weaker spark spread market outcome in 2009;
Positively impacted by events such as 1) acquisition of chihuahua and librammiento acquisition; 2) rebalancing foreign currency hedges

Operating Assets to Drive Revenue Growth
Mar 2009
FY15
Energy
Bajoli Holi
Upper Karnali
Upper Marsyangdi
FY13
Energy
Chhattisgarh
FY14
Energy
Coastal Power
Plants
Alaknanda
Talong
Highways
Hyderabad-Vijayawada
Chennai-Outer ring road
730 MW
FY10
Airport
Delhi T3
Turkey
FY12
Energy
Kamalanga
Vemagiri Expansion
EMCO
1,200 MW
210 kms
2,460 MW
Mar 2015
Airports
(2)
Energy
(13)
Highways
(8)
Intl.
(1)
Highways
Ulundurpet -
Tindivanam
54 mn PAX
73 kms
2,418 MW
72 mn PAX 7,631 MW 631 kms
Hyderabad
Delhi
Coal – 4
Gas – 3
Liquid fuel – 1
Hydro – 5
Annuity–4
Toll–4
25 mn PAX
800 MW
Turkey
Island Power

Asset Growth Over Next Five Years
Assets Under Operations
Assets Under Construction
Capital Outlay : Rs. 90.97 bn;
Equity : Rs. 26.99 bn; Debt : Rs. 63.99 bn
Capital Outlay: Rs. 164.92 bn;
Equity : Rs. 58.93 bn; Debt : Rs. 106.09 bn
Assets Under Development
Total Assets Base
Capital Outlay: Rs. 258.23 bn;
Equity : Rs. 58.3 bn; Debt : Rs. 187.78 bn
Capital Outlay: Rs. 514.12 bn;
Equity : Rs. 144.12 bn; Debt : Rs. 357.86 bn
Power Airports Highways Others

Thank You