Ladies and gentlemen, good day, and welcome to GMR Airports Infrastructure Limited conference call to discuss Q4 FY 2023 results. As a reminder, all participant lines will be in the listen-only mode, and there will be an opportunity for you to ask questions after the presentation concludes. If you need assistance during the conference call, please signal an operator by pressing Star 0 on your touchtone phone. Please note that this conference is being recorded. We have with us today Mr. Saurabh Chawla, Executive Director, Finance and Strategy. Before we begin, I would like to state that some of the statements made in today's discussion may be forward-looking in nature and may involve risks and uncertainties. Recording or transcribing of this call without prior permission of the management is strictly prohibited. I now hand the conference over to Mr. Saurabh Chawla for the opening remarks.
Thank you, and over to you, sir.
Thank you. Good evening, ladies and gentlemen. Thank you all for joining the Q4 of fiscal 2023 earnings call. The Indian economy still remains a bright spot in the global arena. Globally, the economies are facing challenges from geopolitical uncertainties, high interest rates, and banking issues. In India, the economic indicators are continuing to exhibit growth momentum. Monthly collections of GST, which is one indicator by April 2023, was at an all-time high of INR 1.87 lakh crore. Inflation has receded, as indicated by the latest WPI and CPI numbers at -0.90% and 4.7% respectively for the month of April 2023. Foreign reserves are slowly building up again, reaching to $495.96 billion in May 2023 from $5.6 billion in January 2022.
It means that India's medium to long-term growth prospects are healthy. Unless the government drops strong push for infrastructure spendings, the outlook is even healthier. Regarding our performance for Q4 fiscal 2023, GMR Airports' gross revenue increased by 48% YoY to INR 1,895 crores in the Q4 , driven mainly by traffic improvements in our operational airports. EBITDA increased by 52% YoY to INR 259 crores. For the full year, EBITDA decreased by 18% YoY. Decline in Q4 2023 and FY 2023 EBITDA is mainly due to the start of monthly annual fee payments at Delhi Airport from April 2022.
Q4 2023 and FY 2023 included certain one-offs related to loss on settlement of derivative instruments for INR 30 crores and INR 90 crores respectively, with respect to the partial repayment of bonds in Hyderabad Airport. There were certain other one-time write-offs of around 63 crores at Hyderabad Airport during the quarter four and for the full year. I would like to highlight the following key points. During the quarter, we announced the execution of the agreement and the scheme of merger of GAL and GIL, with an objective to enhance shareholder value by simplifying the corporate structure and bringing public shareholders closer to the airport assets.
As part of the process, GIL and Groupe ADP will settle the cash earnouts to GIL at INR 550 crore, and also the equity earnouts at 4% up to the 38% that was to agree to GIL. GIL raised EUR 331 million, that is INR 2,900 odd crore approximately from Groupe ADP through a 10-year, 6.76% per annum coupon. AFCCB is due in 2033. Immediately upon completion of the merger, GMR Group will remain the single largest shareholder of GIL, with GMR promoter group owning around 33.7%, Groupe ADP holding 32.3%, and the public holding 34% respectively of the paid-up equity share capital. The entire merger process is expected to be completed within fiscal year 2024.
CCI approval for the merger has been received, and application has been filed with the stock exchanges and Reserve Bank of India, and their process of evaluation and approval is awaited. Mopa, which is a Goa airport, commenced commercial operations from January 5, 2023. Currently, IndiGo, Akasa, Go First, and Vistara are operating from the airport. Cumulative traffic at Mopa Airport has already crossed 1 million marks as on May 1, 2023. For the month of April 2023, the airport handled an average of approximately 11,000 passengers per day. International operations is expected to start from June, July of this current year. We expect the new tariff regime at Mopa to be in force by October 2023. During the quarter, we received about ₹631 crore from NIIF, from NIIF, a partnership that we have affected with respect to the Goa Airport.
This investment is in the form of CCDs. As you're aware, in December 2022, GMR and NIIF announced a financial partnership for NIIF to invest in the equity capital for 3 airport projects, which included Mopa in Goa, Bhogapuram, which is the Kolkata airport, and Nagpur Airport, as and when Nagpur Airport concession is signed. Overall, the passenger traffic for GMR Airports, Q4 '23, had a strong growth. Passenger traffic was up by 55% year-on-year to 25.8 million in Q4 fiscal '23, with Delhi and Hyderabad experiencing a surge in traffic. On a full year basis, passenger traffic of our operational airports was up by 69% year-on-year to 92.8 million in fiscal year '23. In India, our market share in passenger traffic is approximately 26.6% for fiscal year '23.
With respect to progress on capacity expansion in our airports, Delhi, Hyderabad and Delhi, all the three airports achieved an 86%, 85% and 20% respectively, the completion as on March 31st, 2023. As of April 30th, Delhi and Hyderabad Airport achieved 88 and 86% on the CapEx progress. Delhi and Hyderabad airports are targeted for completion in Q2 FY24. We expect the new tariff regime at Delhi to be in force by April 2024. The airport land development in Delhi airport, we have initiated our first self-development commercial building of about 6 lakh sq ft in the gateway district. In Mopa, Goa Airport land monetization for 2 hotel plots has been initiated in Q4 FY23. In the Medan Airport, on a year-on-year basis, traffic is approximately 60% to 1.7 million passengers in Q4 FY23.
Domestic Delhi passengers has already reached about 110% on the April 2019 levels, while international passenger traffic was about 80% of April 2023. Currently, 18 domestic and six international destinations are connected. On Nagpur Airport, review petition was filed by Ministry of Civil Aviation in Supreme Court challenging the earlier Supreme Court order. The petition was dismissed by the Supreme Court in its order dated May 11, 2023. We expect execution of the concession agreement at the earliest. In Bhogapuram Airport, foundation stone of the airport was laid by the State Chief Minister on May 3, 2023. Tender processes is on for the selection of the EPC contractors. R&R processes are fully completed, and land handover process is in final stages as joint survey of the land is underway.
On the ESG front, GMR is fully aware of its role. The business activity needs to be compatible with the permanent commitment to development and sustainability. In this direction, during the year, Delhi Airport became the first airport in the country to run entirely on hydro and solar power from June 2022. For this operational usage, Delhi Airport is switching to electric vehicles from the current conventional vehicles in phase-wise manner. Hyderabad Airport has also received ACI Asia-Pacific Green Airports Recognition Gold Recognition Award sixth time in a row in 15 to 35 million passenger category. Delhi and Hyderabad airports have maintained an ASQ score of Five during the quarter. The presentation about financial numbers are already available with you. If not, you can download it from the IR section of our website. We are available to respond to your questions on this call and offline after the call.
I would like to open the forum for queries that will be answered by my colleagues in the corporate and business units. Thank you so much.
Thank you very much. We will now begin the question and answer session. Anyone who wishes to ask a question may press star 1 on their touch or telephone. If you wish to remove yourself from the question queue, you may press star 2. Participants are requested to use handset while asking the question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. We have our first question from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yeah, good evening, and thanks for the opportunity. My first question is on the financials. The expenses has gone up by INR 3 billion QOQ. Of course, you mentioned that there is a one-off and write-offs, but the write-offs are close to around INR 1.2 billion, sorry, INR 1.8 billion, while the other expenses have gone up by roughly around INR 3 billion. Can you please explain, you know, are there any other one-offs in this?
Yes.
Yes. Yes, sir. There are only two major expenses we have incurred. One is the one-off upfront fee to bank facilities. Since we have completed the debt fund raising of the Hyderabad Airport and at a much cheaper rate, the upfront fee which we have paid to the bankers for the facilities is now charged to PNL account since we have reached the finality of the project and also we are just completing the project and capitalizing the same. That is one of the major items. The second one is basically, as you know, Hyderabad Airport has done the refinancing of the 2024 bonds at a much cheaper price for a longer tenure. Regarding the earlier bonds where we have done hedging, which has to be now canceled.
To the extent of that, the loss on the cancellation of the hedging has also been charged off to PNL account, even though there is no cash flow issue. These are the two major. Some of the expenditure we have incurred on the legal and professional charges in all the airports for the various cases which are happening, especially AIF and the CGF issues, appeals before TDSAT had in a good way. Some of the legal expenses, functional expenses we have incurred, that have been provided for. These are the major reasons for increase in the cost. These are all only one time, and these are only a recurring nature.
Sir, how much this amount cumulatively amounts to, the total amount, one-off?
In case of the write-off of the bank charges will be around INR 60 crore. In case of the legal expenses will be around INR 50-70 crore. In case of the fees which we have paid in case of the GMR Airports Limited, we have raised the funds. Since you are aware that Cebu we have already divested, we got the funds and we have prepaid the some of the loans and the upfront fee which we have paid them, which were supposed to amortize over a period of Three years, now charged off to PNL account. This is a positive development since we have repaid the loan, that expense has been charged. That is about INR 30-40 crore.
Understood. Second question is, one of the slides you are talking about the refinancing of the debt at GMR Airports. What is the rate of GMR Airports, and what is the current rate that we are paying right now, and what is the kind of savings possible let's say, by 2025?
GMR Airports, we are talking about total debt will be around INR 3,300 crore through March, since after repayment of the process, which you have seen, and the current financial year will be due doing the refinance to the extent about INR 17 billion-INR 18 billion.
Understood. My last question is on the Bhogapuram, what is the timeline we are looking at for the airport, and what is the total project cost?
The total project cost, which is almost finalized in case of Bhogapuram, will be around 47 billion INR, which includes the amount to be refunded by the government of under this, which is about 1.3 billion INR. The timelines is, the Chief Minister has already laid the foundation stone, the joint survey of the land is going on. We are likely to take over the land. There's even more, some more cases are pending in High Court, which are only for the compensation, which are likely to be settled in a matter of 1 month. We may take over the land by end of June, in the meantime, we have already issued the tender for EPC contract in traditional degree. 4 bidders have come who are now shortlisted.
They are going through the entire site and asking for all the clarifications we are providing. Likely to start the construction maybe middle of July or first of August. Hopefully, everything goes well.
It take two-three years or Two years, or?
It is from the date of the proceed to it is 36 months, exactly three years. If you start on 1st August and 31st of July, 2026, it will be completed.
Understood, sir. Thank you very much. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone now. We have a question from the line of Ankur Shah from Swarnar atna Infrastructure Private Limited. Please go ahead.
Hi, sir. I wanted to know, regarding the land which is provided to Barclays. I think, 2Q back, you had said that by March 2023, we should be able to provide, the land. Any kind of clarity and update on that, please?
This is the second tranche of the Bharti deal that you are talking about it?
Yes, sir. INR 2.6 million.
Yeah. INR 2.17 billion. The land, in February this year, we have issued a notice to Bharti to come and see the land parcels. The land parcels have already been now seen by them now, and it's almost concluded, and they will be taking over very, very shortly.
Okay. Thank you so much.
Thank you. A reminder to participants to press star and 1 to ask a question. We have a question from the line of Aditya Monga, from Kotak Securities. Please go ahead.
Thank you for the opportunity and congratulations for a good set of results on the volumes and on spending. This is where some of my questions lie. I want to get a sense from your perspective on the non-aero spending at the Hyderabad Airport. It seems that on a through pack basis, this number has improved quite meaningfully. On a Q-on-Q basis, it's up to 8.9%. Versus pre-COVID levels, it's probably up in the range of about 40% or so. The question essentially relates to whether this is being driven more and more by the incremental duty-free area that has been opened. If so, does it have any positive takeaway for Delhi in the near future?
Yeah. Aditya, this is Rajesh. I'll just take your question. You're right. When you look at non-aero, we see, there are three, four contributors, for, you know, how do you improve your non-aero revenue. One such contributor is the additional space. Second is how do you refine the layout tax flow, because that increases your monetization. Third is the category selection. At all our airports, you know, these are some of the steps which we have taken. Hyderabad has already expanded the footprint, and hence the larger area is available for duty-free arrival, duty-free store. Similarly, Delhi, we are expanding T1, so, you know, we have additional space over there. I think this whole, whatever growth we are seeing, to a larger extent, it is sustainable, and this is what we will be...
Increasingly, we should be seeing at our airports. Without making any forward-looking statement, this is the way we are kind of looking at improving our non-aero commercial revenues.
Sure. Thanks for the clarity. The second question was more linked to, in some ways understanding where is the contribution to interest expense coming in beyond the mainstay business of in Delhi and Hyderabad. Now, if I see your overall interest expense, it's more than about INR 2,000 crore in this year. Whereas Delhi and Hyderabad cumulatively would be contributing probably half of that. It would make it easier for us to appreciate if you could tell us what are the other big components of interest expense. I'm assuming some part of it is the standalone operations, but it doesn't explain a whole lot, the 50% which we've unexplained.
There are three interest components in consolidated financials. One is the DIAL, other one is DIAL, third one, GMR Airports Limited. GMR Airports Limited also, the interest will be around INR five billion.
Yeah. Let's say INR five billion of airports, another INR 8 billion of Delhi, another INR 3 billion of Hyderabad. Then let's say slightly more of Goa. There's still a meaningful INR 600-700 crores unexplained kind of number. Just trying to get a sense whether there's more clarity on which all other assets are contributing over here.
Yeah. There is one more. Actually, when we consolidate GMR Airports Infrastructure Limited, there is one more entity, GMR Airports Developers Limited, which come into the picture. There is a INR 1,680 crore loan. There is additional interest cost coming for that loan, and that loan has been repaid in the FY 2023.
The FCCB.
Yeah, because from the FCCB proceeds.
Understood. I think I'll discuss offline also, just to get a better understanding. Coming back to numbers, and I think this question was asked on EBITDA and how it has changed from three to the 4 Q. See the increase in other expenses is to the tune of about INR 3.5 billion. What we are kind of seeing as one-offs is a number that is less than 50% of the gap. I'm just trying to kind of ascertain, should we be looking at full year numbers, and adjusting for these runoffs, or looking at full Q numbers, which look quite weak, and then underlying numbers?
Just trying to get a sense of how it can be so much in a single quarter's time.
I think we have already explained the amount of expenses, like the write-offs of the upfront we paid to the bank line of credits, and also the cancellation of the hedgings which we have taken in case of the Hyderabad, where we have repaid the loans to the extent of $230 million. All hedgings have been canceled, which have also been charged off, to more than nearly INR 1 billion. Plus, we have also additional legal and professional charges, where we have repaid the same proceedings. You've got the money, and you repay the loans, and amortization expenses have been charged to the account. Also additional legal expenses we have incurred, professional charges, towards the various cases we are...
are being, especially, the in case of the MAF cases and the TGF cases in case of Hyderabad and some other cases in various forums. There is some amount of expenditure and also from Goa, which is also. Most of these expenditures in the about 2.5 billion INR is one-off time, and it will not be repeated. That is what we wanted to communicate.
Sure. You're saying INR 2.5 billion, including the Goa issues, or let's say, the initial Goa losses, is where, maybe Goa will continue, but other elements of INR 2.5 billion should not be recurring incrementally?
no, no, it's not like that. I mean, what I said is, out of other expenses, you get INR 2.5 million is one-off type expenses, which will not be repeated.
Additionally, I think when it comes to Goa, while Goa may be contributing negative EBITDA at this stage, primarily because of two reasons. One, these were the partial operations, in the last quarter. Secondly, the current interim ad hoc tariff is significantly lower than what we would be expecting in the final tariff, which might take another quarter or so. Once we have the final tariff, we'll see Goa contributing positive to EBITDA.
Okay. That I completely understand, thanks for the color. One more question from my side. See, on Delhi Airport, it seems as if on a Q1Q basis, you've been able to improve your volume numbers. Is it something specific to Delhi? Because I think seasonality should be against the aviation sector on a Q1Q basis. Is there something special happening in Delhi, or is it always the case that four Q can be better than three Q in spite of seasonality trends?
I think the traffic, the way the trend is, it is across India. It is not specific to Delhi. Just because the volumes are bigger in Delhi, otherwise the trend is same. If you look at actually Hyderabad has actually grown bigger than even Delhi percentage-wise. We have only 17.7 million pax, and in case of Hyderabad, it is about 5.7 million. The trend is same. I mean, it's not specific to Delhi.
Sure. Maybe last question from my side. Now, we've seen, quite a few routes, being started from Hyderabad on the international side of things, and I think this has been our focus area. Could you give us some kind of forward-looking guidance on what kind of growth in international numbers in Hyderabad one can expect from here on in the next two years? I understand the bases are pretty low over here, so I'm just checking because you're competing with Bengaluru and trying to do more.
Yes, we have been trying to do better. For example, recently, I think we have The operations have already started to London already there, and they are also starting some more international lines in case of Hyderabad. Our trust is more on international traffic, and that if you look at it, the trend, I mean, we are competing with Bengaluru. In case of Bengaluru and Hyderabad, even though overall traffic Hyderabad will be lower, but when it comes to international traffic, Bengaluru and Hyderabad will be almost equal. Our trust is more and most probably as of today, our traffic is about 15% of the total traffic of the Hyderabad is international, 15%-17%. We wanted to make it around 25%. These are our targets.
Are there any incremental debts that you would be looking at an asset level in Delhi or Hyderabad, or do you have enough cash on to take care of?
I think the entire financing is complete in case of Hyderabad and Delhi. Hyderabad has already raised the money, and they got sufficient cash balances. It is completing the entire construction and starting the full flight operation in September. Delhi, in the month of April, we have raised INR 1,200 crore. With that, the entire effects program funding is completed. It is also expected to complete the entire construction by September, October, and start with flights by November. No more fundraising is required in both the airports as of today.
Oh, that's really heartening to know and all the very best from an operational perspective from here on. Thank you. Those are my questions.
Thank you. A reminder to participants to press Star and one to ask a question. We have a question from the line of Nirav Shah from PGIM India . Please go ahead.
Hi, good afternoon, sir. Thanks for the opportunity. The first question is on the EBITDA contribution from the JVs and subsidiaries at DIAL. I'm seeing that for this quarter, we have reported an EBITDA loss of INR 29 crore versus a run rate of around INR 63 crore. That is the general run rate. Any specific reasons of this?
The J.V., J.V. is negative?
For the year, it's INR 325 crores contribution, and if I reduce the 9-month number, which is INR 364 crores, I get an INR 29 crore of negative.
Nirav, from where you're getting these numbers?
I've taken the Q4 presentation details, the annual JV contribution, and I've taken the 9 months.
Actually, in the last quarter, that was a good quarter.
Your numbers are not reconciling with our numbers at all.
We can take it offline because we're not able to correlate from where you are taking the numbers.
Sure. Not worry. Just on the forthcoming timeline for Nagpur, if we mentioned in some part, the timelines, Nagpur, when do we expect to start the construction?
Sir, Nagpur Airport on the review petitions. four review petitions have been dismissed today, and there is 1 more petition, purity petition, still pending at the airport.
Nagpur is a downfield airport, so it's not like, unlike Bhogapuram, it requires some effects, but it's not immediately.
Got it. Got it. Thank you, sir. Thank you for the information.
Thank you. We have our next question from the line of Ronald, from Bank of America Securities. Please go ahead.
Yeah. Hi. Sorry if I'm just piggybacking over.
I'm sorry, Ronald, can you please use your handset mode? Your voice is cracking.
Okay, let me do that. Hello, can you hear me?
Yeah, we can hear you.
I just wanted to again work through the math on the other expenses and the EBITDA, which was. I guess we have discussed it multiple times, but just to go through it. On DIAL, I see a quarter-over-quarter movement of around INR 57-60 crore. On Hyderabad, I see a movement of around INR 80-odd crore, and on GAL, a consolidated level, I'm looking at somewhere around INR 270 crore. A couple of things have been mentioned. One has been mentioned that. Hello?
Yeah, please go ahead.
Yeah. One thing that has been mentioned is the hedges on GHIAL, which has been INR 100 crore, and there have been write-offs of around INR 63 crore. This totals to INR 163 crore of one-time expenses. Adjusting for the one-time expenses, would we say that GHIAL performance for the quarter was actually around INR 80 crore better than the previous quarter? Would that be the right thing to say?
Yes, if we exclude the one-offs in terms of Agaramar, that is 60 plus around 30 or 90-95 INR crores. Yes, the performances should be considered, excluding it, much better.
Right. Any reason, again, that ties back to the seasonality point, which was mentioned earlier? Delhi Airport, Hyderabad Airport, both showing significantly strong numbers. For Hyderabad especially, if they're saying that there's around INR 80 crore of improvement in the EBITDA, I don't really see that on the top line there. You know, we see around INR 30 crore of improvement on the top line. Exactly where is this improvement coming from?
You're talking about Hyderabad performance or the data level improvement?
Right. I'm just adjusting for the numbers which are mentioned, which was INR 100 crore on the hedges for GHIAL, and INR 63 crore of write-offs, which happened at GHIAL level. If I adjust for that INR 163 crore on the sort of INR 557 crore EBITDA, which was generated, this basically gives me an INR 80 crore upside over the, you know, INR 140-odd crore EBITDA, which was generated in the December 2022 quarter. I'm trying to understand, is there an INR 80 crore improvement in the EBITDA, and the top line improvement has been just INR 30 crore? Not even INR 30 crore, around INR 22 crore. Exactly where is this improvement coming from? I'm just unable to tie up the numbers. Am I missing something?
Is the OpEx number something that needs to be adjusted even further? Are there more adjustments which are being missed on? I'm just trying to understand that.
We just wanted to understand, you are talking about consolidated financial or you are asset size, you are talking about?
At the asset level. I'm talking about the GHIAL asset level.
GHIAL asset level, the EBITDA movement is what around quarter we were talking about?
Yes. The last quarter was INR 140 crore. This quarter, this is around INR 57 crore. I'm not addressing for multiple adjustments which are made. I'm just doing the basic sort of adjustments which are usually made, and I'm coming to this number. The difference between the two of them being INR 83 crore. I'm just removing the one-off factors, which I mentioned earlier, being the hedges, being canceled and the write-offs, being taken away. That shows me an INR 80 crore improvement on an operational basis. That's where I'm coming from.
Which is correct, means whatever is the one-off items you remove, the performance of Q4 will be much better. This is what we are trying to explain.
Maybe something to be taken offline. The next question, and the last question, which I wanted to mention, was that, so, again, with these one-off expenses happening this time around. Actually, sorry, that's it for time.
Thank you.
Mr. Ronald, you're through with your questions?
Yes, that's it. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press Star and one on your phone now. We have a question from the line of Sumit Krishna from RK Stock Holding. Please go ahead.
Sir, can we give any visibility of what time we will be coming in profits? Because it's already too long. Consistently, we are posting losses and losses. Means, see, whatever gains stock has made in the last six to seven months, in single day it has all gone. Do we have any visibility, how we can come to profits? Thank you.
Delhi now, the expansion is getting completed by September. In the meantime, we are also filing our application for the tariff revision by July, the new tariffs are expected to come from first April 2024 onwards. In the current financial year, we may still continue to post a little more losses. In 2024, onwards, we are expected to come into green, basing on the revised tariff and increase in the traffic and also increase in the CPA revenues. We are hoping that 2024, 2025 will be in profits.
Do we have any plans to raise equity to reduce the debt? Operationally, I don't know how we will come to the profits, because the debt component is so much. Individually, we may handle Delhi and Hyderabad, and on a corporate level, do we have any plan to substantially reduce our debt?
This project finance, as far as the project finance is concerned, assets are still sufficient and able to comfortably service the debt. There is no challenge as far as the assets are concerned. At consolidated level, the debt coming down immediately not possible because now we have just completed the expansions. Over a period of three to four years, debt will start reducing because this will be more or less will be our final expansion of the debt. Whatever the cash generated will start reducing the debts. It will happen over a period of three years onwards, down the level, and we'll start reducing the debts.
Okay. Thank you.
Thank you. Ladies and gentlemen, to ask a question, please press star and one on your phone. There are no further questions, I would now like to hand the floor over to the management for closing comments. Over to you.
Yeah. Thank you so much, everybody, for joining this call. We are available offline to answer your queries with respect to the one-offs and some of the margin improvements that we are seeing now, especially at Hyderabad, which I think going forward as we expand our retail footprint area and DC area, Delhi, you will see as we move forward. Primarily, I think the theme is that traffic has come back with vengeance. It's growing very well. It is highly correlated with India's GDP and spending power of consumers. As we start to offer more and more flights, of course, at the end, but also ability for consumers to spend at the airport, the metrics are only going to improve.
The specific question on debt reduction, I think, being a capital-intensive industry, we have to wait for the new tariffs to come into place for the CapEx already happened. I think there was a lag, the trend line is very sufficient that we in three to five years time, you know, we should be free cash positive to not only to reduce debt, but also to service our shareholders from dividend payouts as and when those happen. I think Hyderabad is already demonstrating that fact. Hyderabad is profitable this year hopefully, I think, very shortly, Delhi should also start to demonstrate the same metric. Thank you so much. We are available offline. You can contact us on mobile or by email. Thank you.
Thank you, sir. On behalf of GMR Airports Infrastructure Limited, that concludes this conference. Thank you for joining us. You may now disconnect your lines.