Ladies and gentlemen, good day and welcome to GMR Airports Limited, formerly GMR Airports Infrastructure Limited, conference call to discuss Q3 FY 2025 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. Should you need assistance during the conference call, please signal an operator by pressing star then zero on your touch-tone 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. Also, 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 and good afternoon, everyone. I welcome our shareholders, analysts, and other stakeholders to our Q3 FY 2025 earnings call. Recently, I came across a news article which said that OAG, a global travel data provider, has projected a 12.7% growth in the overall airline seat capacity for India in 2024 compared to the pre-pandemic levels in 2019, and a growth of 8% Y on Y. This is not surprising to me. In fact, India's passport penetration rate, which, while we still are relatively low at 6.5%, signals immense untapped potential for both domestic and international travel. As per CRISIL, the price gap between air and rail travel has dropped from INR 4.7 per kilometer in fiscal 2010 to INR 1.5 per kilometer in fiscal 2024, which has made air travel preferable and has become an attractive option also.
This trend is likely to accelerate demand, especially in the domestic market. OAG data has also revealed that the Mumbai-Delhi corridor was ranked eighth busiest domestic flight route in the world in 2024. In terms of international traffic, the rise of Indian tourists arriving or visiting Asia and Southeast Asian countries is a strong indicator of this growing appetite for global travel. With Indian tourism to Singapore increasing by 12% this year, India has become the third-largest source of international visitors to the country. This spike in outbound tourism is also reflective of broader trends, like Air India and IndiGo's plan to expand the international network, offering more flights to Southeast Asia, Europe, and America. The uptick in business-class bookings also highlights a shift in traveler preferences.
A 50%-60% increase in business-class bookings, both domestic and international, shows that there's a growing segment of affluent travelers in India ready to spend more for comfort and convenience. It is imminent that the next few years will be exciting for the Indian aviation sector. In this context, Delhi Airport has become the first Indian airport to connect 150 destinations. Also, with 90 weekly departures to North America, it is the highest-frequency airport in South and Southeast Asia to that region. Hyderabad Airport was named the best airport at the India Travel Awards, while Mopa, the Goa airport, also won the best domestic airport title at the Travel Leisure India's Best Awards in 2024. The airports received some other awards as well, which are mentioned in our presentation. On that note, let me now delve into our Q3 FY 25 performance.
Firstly, I'm happy to share that Hyderabad Airport has declared an interim dividend of INR 7.5 per share at the recently concluded board meeting. This translates into INR 2.1 billion for GAL's 74% stake. The airport has declared dividend after a gap of five years. This is in line with our earlier guidance on future profitability and strategy of airport assets giving dividend to GAL. Momentum in total income continued with Q3 FY 25 performance at INR 27.5 billion, up 17% year-on-year, driven by traffic and tariff growth, translating into an EBITDA growth of 37% year-on-year to INR 10.9 billion. EBITDA margin for the quarter was 52% in Q3 versus 49% in Q2, and on year-on-year basis, 46%. Profit from continuing operations was INR 2 billion and included an exceptional gain of INR 4.1 billion, arising due to the completion of divestment in Cebu Airport.
However, even excluding this exceptional gain, we are encouraged by the narrowing of loss affirming our trajectory towards profitability. Cash profit for the quarter was strong, and given the expected traffic increase and tariff revision due at Delhi Airport, our position will only improve from here in the coming years. Consolidated net debt, excluding the FCCBs of INR 23.1 billion, stood at INR 297 billion, increasing by INR 10 billion versus Q2, and this was mainly driven by a combination of borrowings raised at Bhogapuram, where a new airport is being built, and the MTM Forex impact on USD bonds and payment of balanced capital expenditures at Delhi Airport. The Forex impact is more of an accounting treatment as all our USD bonds are completely hedged. It is also important for you to note that this performance at Delhi is notwithstanding the delay in the new tariff notification of Delhi Airport.
On the operational front, we continue to see growth in traffic, 10% year-on-year growth in Q3 FY 25, reaching 31 million passengers. This excludes Cebu, which we have now fully divested, although GMR continues to operate as a technical service provider until December 2026. Both domestic and international traffic grew at the same rate of 10% year-on-year in Q3 FY 25. As compared to the last quarter, traffic grew 8% given the travel holiday season. International passenger traffic share for the quarter was at 24%. Regarding the specific airports during Q3, passenger traffic at Delhi rose 8% year-on-year to 20.3 million passengers. At Hyderabad, traffic was up 22% to 7.7 million passengers. Both these airports handled the highest number of monthly and quarterly passengers in December 2024 and Q3 FY 25, respectively. Goa traffic remained similar as last year at 1.2 million.
However, international passengers more than doubled versus last year. The airport is now connected to 10 international destinations, up from 3 in the last quarter. As you know, the new aircraft deliveries to both Air India and to IndiGo are muted, thereby impacting growth in international traffic, which would have been much, much stronger had the supply not been constrained as there is a latent demand available for travel, both domestic and international. Total income at Delhi Airport rose 8% year-on-year to INR 14.3 billion, as well as an increase in non-aero income per pax, IPP, with EBITDA increasing 6% year-on-year to INR 4.4 billion. At Hyderabad, total income was INR 6.1 billion, up a solid 23% year-on-year, with growth driven by both traffic and slight increase in the aero tariffs for fiscal year 25. EBITDA was up 35% year-on-year to INR 3.9 billion.
Mopa Airport reported a total income of INR 1,243 million, an increase of 77% year-on-year on a lower base, strong international traffic growth, and new tariffs applicable from January 2024. The airport also recorded a CPD income of INR 119 million as it signed an agreement for a hotel at its commercial land. The airport continues to report positive EBITDA in its second year of operation, with Q3 FY 25 EBITDA at about INR 63.4 million. Notable achievements during the quarter are, as you all know, GMR Nagpur International Airport, a wholly-owned subsidiary of GMR Airports, signed a concession agreement with MIHAN India Limited on 8th October 2024 towards the upgradation, development, and operation of Nagpur's Dr. Babasaheb Ambedkar International Airport. The process to take over the airport is underway and expected in Q1 FY 26.
Honorable Prime Minister Sri Narendra Modi graced the groundbreaking ceremony for the upgradation and modernization of the airport on 9th October 2024. For a nine-month period of fiscal 24, the airport has handled 2.1 million passengers, and the traffic has grown at a CAGR of 32% during fiscal 22 to 24. Non-aero revenue at all our airports was strong in the quarter. At Delhi, non-aero revenue increased 13% year-on-year. At Hyderabad, 17% year-on-year. And at MOPA, the growth was 45% year-on-year. Duty-free SPP at Delhi increased from INR 991 in Q2 to INR 1,063 in this quarter, while at Hyderabad, SPP growth was significant from INR 751 in Q2 to INR 879 in Q3. Taking the next step in developing the commercial land, Goa Airport signed this agreement for development of two more hotels, which takes the total to four hotels in Goa.
Construction is also underway on DIAL's Terminal Hotel, a self-development project, and other third-party projects at Delhi AeroCity. At Hyderabad, construction of GMR AeroCity retail projects is also progressing in good speed. In our endeavor to revolutionize airport operations and transform the passenger experience, GMR Airports launched an AI-powered Digital Twin Platform at Hyderabad Airport and unveiled one-of-a-kind, next-generation Airport Predictive Operations Center, APOC. This innovative platform integrates airside, landside, and terminal operations into a unified system, utilizing real-time data to optimize decision-making and minimize disruptions and ensure seamless operations. Progress on developing the airport at Crete business continues. During the quarter, GMR Hospitality Limited operationalized 24 out of the 34 planned F&B outlets at Hyderabad, while also operationalizing all eight F&B outlets at the Goa Airport forward area. A microbrewery was also inaugurated at MOPA Goa Airport.
As previously announced, GMR Promoter Holding Company has executed an agreement with Platinum Stone, which is acting through its trustee, Platinum Rock, whose sole beneficiary is the Abu Dhabi Investment Authority on 23rd October 2024. The transaction was concluded on 7th January 2025. This has resulted in a significant reduction in the pledge of GMR Promoter Group shareholding in GAL to 34.8% from 53.9%, along with mitigating both refinancing and settlement risk. Combined GAL promoter, that is, GMR and Groupe ADP pledge now stands at 17.8% versus 27.5% earlier. Capacity expansion at Mopa Airport to 7.7 million passengers is now complete, and the requisite approvals and consents have been received to operate. As of December, at Bhogapuram, 55% physical progress is complete, while at Crete, 43% progress has been achieved. The equity divestment of Cebu Airport is also completed as planned.
GMR Airports will now operate as a technical services provider till December 2026. Now, let me address a most common question that would be on everybody's list, that is the status of CP4 tariff for DIAL. I would like to update you that the process is taking longer than anticipated, primarily due to additional review processes within the regulatory framework, which are not uncommon. We are closely monitoring the situation and expect to get consultative paper issued in the next few weeks and subsequently the tariff order in Q1 FY 2026. At GMR, we believe that the airports are key players on the ESG landscape, driving sustainability through eco-friendly infrastructure, social progress through inclusive travel experiences, and governance excellence through transparent operations. CSR spent for Q3 totaled INR 48 million, with total beneficiaries of more than 25,000 people in seven states.
Delhi Airport was honored as a winner under the Service Industry category at the prestigious South Asia Team Excellence Award in 2024, presented by ASQ South Asia. Hyderabad Airport was conferred with the CII Business Excellence Award, and Goa Airport became the first-ever Indian airport to receive the Sarvashreshtha Suraksha Puraskar by National Safety Council of India. The presentation with all financial numbers is already available to you. If you've not, you can download it from our investor relations section at our website. We are available to respond to your questions on this call and offline after the call. Now, I would like to open the forum for queries that will be addressed by my colleagues from both the corporate and the business teams. 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 and one on the touch-tone telephone. If you wish to remove yourself from the question queue, you may press star and two. Participants are requested to use handsets while asking a question. Ladies and gentlemen, we will wait for a moment while the question queue assembles. The first question comes from the line of Mohit Kumar from ICICI Securities. Please go ahead.
Yes, sir. Good evening and thanks for the opportunity. My first question is, of course, you did address the Delhi tariff order, but still, I would like to get your sense of the timelines. You were saying that if I got it correct, the consultation paper in the next few weeks and maybe a tariff order, if my understanding is correct, another six months. Is that fair assessment of the timeline?
No, no, no.
I'm saying two-odd months post the consultative paper is notified.
Understood, sir.
There's a due process that the regulator has to follow. You cannot speed it up. Consultative paper is for comments from various stakeholders and subsequent to that, taking their feedback, the regulator issues the tariff.
Understood, sir. My second question is around the interest cost. Of course, there has been QOQ decline, but of course, there is the element of forex sitting in there. The question is that, of course, most of the CapEx expansion is done. Is there a scope to reduce the interest rates and reduce the interest burden going forward as the end of 2026, 2027? How do you think about your debt portfolio?
So I'll ask G.R.K. Babu to answer, but just as a global statement I would like to make is that every point of time we are looking at ways and means to reduce our interest rates. We have over the last, I would say, 12-18 months, if you see, away from dollar bonds into rupee bonds because they were much cheaper. So going forward, also we'll continue to look at those opportunities, but to answer specifically, G.R.K. Babu, please.
No, as far as the DIAL is concerned, we have just recently, in June month, we have refinanced the high-cost $450 million debt into domestic paper with the ₹2,530 crores at 9.5% rate of interest. Right now, there are only two bonds which are pending. And domestic paper, we have already issued almost four papers from DIAL. And the next due is only $522 million in October 2026.
Then we are looking forward and see that we'll be able to reduce substantial interest there also. And we are always in the process of reducing the interest cost.
Understood. My last question is on the Delhi duty-free business. Can you just help us with the contribution in the profit in the last nine months?
Yeah.
So my question is if possible, yeah.
Yeah. With the Delhi duty-free top line for a nine-month period, for the current year, has been about INR 1,646 crores. That's the top line. And profit before tax is about INR 204 crores.
Understood, sir. And so from which quarter will you take over the Delhi duty-free business completely? 100%?
27th of July, midnight, we will be. Second quarter of 2026.
Yeah. We'll be taking over. Understood, sir. Thank you. All the best. Thank you.
The next question comes from the line of Prateek Kumar from Jefferies. Please go ahead.
Yeah. Good evening, sir, and congrats for good results. My first question is on your revenue from—we give the slide where we give a chart where segmental revenues are given. So the subsidiaries and other revenues continue to do well, like growing around 26% year-on-year. The share and margins are also much higher. So which particular category in the segment is contributing to growth? I'm mentioning the segment which is set as subsidiaries and others, which is outside DIAL and Mopa SCDs.
Basically, the subsidiaries MRO is contributing a good amount now. And in case of the basically associates and joint ventures, right now the DDFS is considered as associate, even though we are holding majority. That is providing good, and also the cargo entities. These three are providing more and more revenues and revenue share. I mean, basically, the share of profit.
Yeah. So specific numbers?
Yeah. So no, we have the specific number. If your question was to understand which are the business segments which are growing, almost all our subsidiaries and JVs are growing. I'm seeing the top line is growing in the range of about 14%-15% kind of top line growth. MRO has specifically seen a significant growth in the last due to the major overall top line and bottom line.
But joint ventures will not be contributing to this line item, right? So I would agree on subsidiaries, but joint ventures, is it contributing to this 26, 53?
Joint ventures are accounted for as equity method.
Yeah. Okay.
Like consolidation. It's only equity method.
Right, right. So in that case, only MRO and duty-free and cargo so MRO and cargo is contributing. And duty-free at Hyderabad and Goa also maybe would be contributing.
Correct.
Now you can see that, and I think by next quarter, you will see, actually, from the quarter two onwards, FY26 quarter two onwards, you will see that also emerge as it gets out of a JV setup and comes into GAL.
Yeah. Right. My other question is the monetization of land outside Goa Airport. So we reported some CPD income there. So is this like a quarterly income expectation now, or it will be like lumpy kind of number?
No. No. The one at Goa will continue to be lumpy. It's not something which is on a regular basis. So we have monetized last financial year two hotel parcels, about four and a half acres. For that, the income, 50% whatever amount we have received has already accounted as income in the last financial year.
This current financial year, another two land parcels have already been monetized for the hotel, and we have received the income in December, some portion, and January we are receiving another. The lease rentals will start flowing after one year from the date of signing of the concession agreement.
Correct. So that will start flowing the next financial year onwards. Meaning FY27?
FY26 onwards, it will start flowing. Within FY26, because after one year is what the G.R.K. Babu is highlighting. Lease rentals will start. So those will be the stable lease rentals that are received. Any monetization will be always a lumpy process.
Right. And what is the status on the monetization? I mean, where our own construction was happening at Delhi Airport regarding the commercial building and the mall which we are constructing?
No, our self-development, as we call it, SAM project is going on fully, and we are expecting 2025, 2026 it will be ready for occupation. As far as the Bharti 4.9 million is concerned, the construction is going on fully, and we have received full payment from Bharti, and also they are paying full lease rentals also.
My last question on Noida Airport commissioning. There was a report yesterday which said that most of that, 80% of the work at that airport is done, and that is about close to commissioning from April. How do you see initial reception there from your competition perspective?
I think this is now a regular question at every analyst call of ours, and it's a standard reply I would give is very welcome that Noida is coming up.
It will release some capacity from our already robust growth that we are seeing in our Delhi Airport. So they have a long way to go, but we are happy that they are progressing well. We would like, as I said, the more concentration of international traffic, high-yielding traffic to be at Delhi Airport. It is a city-center airport. It has certain locational advantages which Noida does not have. So we're happy to encash on that opportunity and let go of any low-yielding traffic which sometimes clogs our airport. So we are happy on that development. The universe of demand is much more to satisfy the capacity both at Delhi and at Noida. That's not an issue at all.
Sure. Thank you. I'll get back to you. Thank you.
Thank you. The next question comes from the line of Karthik Chellappa from Indus Capital Advisors, Hong Kong Limited. Please go ahead.
Yeah. Thank you for the opportunity. I have three questions, sir. The first question is, if you look at Delhi Airport's traffic growth, that has been around the 7%-8% range for quite some time right now, which is in stark contrast with the kind of strong traffic numbers that Hyderabad is seeing. So what do you think explains this divergence, and what needs to happen for Delhi?
Delhi. The base is so big, and we are achieving now this year 79 million, as in 73. How much you are adding is almost 6 million. Whereas Hyderabad started with 24.5, and they'll be closing at 29. So the base is lower, that's why the growth looks higher. But the moment the base goes up, then it comes down. So don't look at it merely as a percentage growth purely because the base skews that up.
Look at the absolute numbers that are growing. Number two, also, Karthik, you need to appreciate that Delhi is an international hub, and in that international hub, a lot of our traffic, which is predicated on new aircraft being procured by Air India and Indigo, and the supply chain constraints over there, that also has a certain impact on the traffic growth, but as those aircraft get delivered, you will see much better absolute numbers coming from Delhi Airport also going forward. The second point is that in Delhi, just now only we have completed the expansion. So we had a lot of constraint on the slots, and the last two years, we were not releasing any slots. Whereas Hyderabad has got sufficient slots, and they have been releasing it. Maybe going forward, after one or two years, Delhi will see again further growth.
However, we should also make a note of it. As long as the base is very high, the percentage growth will be lower. In comparative terms.
Correct. Perfect. So the way we should understand is, given the high base and given that we are also addressing some of the choke points in our traffic, the traffic growth will probably be better than what we are experiencing right now in percentage terms, but it may not be as high as Hyderabad. That's how we should interpret this, right? At least for the next 12 to 18 months.
Yes. That should be the right expectation. Having said that, as the aircrafts get delivered, this growth will pick up more at Delhi versus in Hyderabad because Delhi is an international hub. So all these are wide-bodied aircrafts which there are delays in those deliveries.
And hence, once they get done, the slots are already available to Air India. If you look at Air India's own business, probably they have the best slots which have never been utilized, and the foreign airlines are utilizing those slots. So now China has also opened up. China, all the numbers that you see were sans China. Those were all traffic that was either going through Singapore or through Hong Kong. Now the direct flights into China have opened up. So you will see much higher growth on the international side, which will drive the growth for the overall Delhi Airport. The next point is we always look at it, what is the growth all over India? And we assess how Delhi is growing. That is very, very important because Delhi is almost covering 20% of the India traffic.
Excellent. My second question, sir, is on the tariff.
Now, given that the consultation paper should be ready pretty soon, we have had our own expectations on what the Delhi tariff should be. Of course, we would appreciate that the Delhi tariff right now is much lower than what it should be, even compared to other airports in India. Given our own expectations that we had at the beginning of the year, do you still believe that tariff realization is possible in view of the delay in the process, or is there any change in expectations that we must bear in mind?
No, our expectations continue to be where they were, okay? But honestly speaking, we cannot hazard what the regulator finally comes with. Just back of the envelope itself will take the tariff up. We all know that. We spent ₹12,000-13,000 crores of Capex, and that has increased the regulated base.
So depending upon the future projections that we have, the yield is bound to go up. So that's something which is a fact. Now, how much will it go up? Will it go up by 100%? Will it go up by 150%? Time will tell. And let the regulator complete its work. I would not like to prejudge a regulator's notification on that. One more point we should keep in our mind is not only the CapEx we have spent. What is our performance in CP3 is equally important because the regulator looks at it. What is that he has given, and what is that we have achieved? If we have overachieved than what the regulator has given, there will be a negative trope also that we should be mindful.
Got it. Excellent.
My last question, sir, is at what point do you think the gross debt at a consolidated level will peak, and what would be our capex guidance for FY26?
So currently, the debt level includes the debt taken for the Bhogapuram Airport, the construction of Bhogapuram Airport. So that, of course, gets consolidated. The second is the balance payments that are being made by Delhi Airport. So that's pretty much given now. Not much to add over there. We'll have some amount of debt go up at the corporate level for the purchase of the Fraport stake and whatever left is for Bhogapuram. So today, I think our gross debt is ₹29,000 crores, and we should go up to about ₹30,000-₹31,000 crores as a peak debt on the current business plan that we have. By FY26. By end of FY26, yeah.
And capex numbers, sir, for FY26?
So we are not doing any fresh CapEx. Just again, want to highlight to you. Except for Bhogapuram. Except for Bhogapuram where the CapEx is happening, that's a greenfield airport. We are not doing any fresh CapEx. Nagpur is just a recent addition to the portfolio. We will have to evaluate that and then come back to you with our plan for the upgradation of Nagpur Airport. But there also, I want to highlight one thing is that Nagpur is a brownfield airport. So the benefit of an operational airport will always be there.
Excellent. Okay. Thank you very much for the detailed responses, sir. Wish you and the team all the very best. That's all from me.
Thank you. The next question comes from the line of Aditya Mongia with Kotak Securities. Please go ahead.
Thank you for the opportunity. Congratulations from Kotak. Thank you for the intro, sir.
I request you to use your handset so you are not clear, sir.
I'm using my handset. Is it a problem?
Yes, sir. It's slightly muffled, sir. In case you're using a Bluetooth device, we'd request you to take it from your handset, please.
I'm not using one voice tab. If it's a problem, then I can join back into the queue.
Sir, are you able to hear the participant?
Why don't you go ahead, Aditya? If there is any confusion at our end, we'll ask you to repeat it here.
Thank you, sir. Thanks for that. The first question that I had was, I wanted to take a chance with Mr. Babu to talk about our residual value that we have in CP3 and what we will keep in Delhi Airport.
Aditya, please, I think you'll have to redial in, and probably then it will be clearer.
We can't understand at all what you're saying. Sorry about this.
No worries. Thank you. Thank you.
We'll wait for you to dial in. Thank you.
The next question comes from the line of Dario Maglione with BNP Paribas. Please go ahead.
Hello. Good afternoon. A quick question, just one. Can you explain this transaction between GMR Infrastructure Enterprises, so the promoter, and the Abu Dhabi Investment Authority? What exactly means? So it seems like they are lending money, and so you have one lender now. But does it mean anything in terms of the shares that GMR promoter has in GMR Airports or voting rights and things like that? Thanks.
So let me just clarify one thing is that this is a loan that has been given by Abu Dhabi Investment Authority against a certain number of shares which are pledged to Abu Dhabi Investment Authority.
This facility does not involve any coupon payment for a period of between five to eight years, depending upon what tenure the investor takes. And the settlement of this facility will be determined in the future at a price to be determined as per the SEBI preferential allotment pricing at that point of time. That's why my statement earlier, and this was also included in our press release, is that it removes any refinancing risk and also removes the settlement risk. That is the broad contours of the transaction. ADIA, of course, being a lender, has customary protection rights, but they do not have any voting rights at the Board of GAL.
And just to clarify, if in five, eight years, Abu Dhabi ADIA will execute the option and convert the bond in shares, will they get voting rights?
Once they exercise that option or once I exercise the option, obviously, they become a shareholder of GAL, and they will have any voting rights that any common shareholder of GAL will have. They won't have any preference or preferred voting rights, for example, currently ADP has under their shareholder agreement. That is not something that ADIA will have.
Okay. Thank you.
Thank you. A reminder to all participants, you may press star and one to ask questions. The next question comes from the line of Aditya Mongia with Kotak Securities. Please go ahead, sir.
Thank you for the opportunity. I hope I'm audible to you all right now.
Yes, sir, you're audible. Please go ahead, sir. Thank you.
Great. Thanks. As a first question, I wanted to get a sense from Mr. G.R.K. Babu.
He was talking about a residual value of control period three that could be significant and influencing the control period four yield. Could you give us a sense whether it is significant and some sense of the quantum because this is already a period that has passed by?
No, the intention is that what I'm trying to say in CP3 numbers also will be considered actuals by the regulator. Y
eah. So Aditya, I mean, what G.R.K. Babu was highlighting is the principles on which a regulator looks at how the different components of the business is performing for determining the actual tariff for CP4. That's what he was highlighting.
Understood. Understood. Sorry. But for it to be a significant driver, but as of now, I think it's a neutral comment for now. Okay. The second.
It's a neutral comment for now because this is a public call, and I don't want to hazard any guess on behalf of the regulator.
Understood. The second question that I had was linked to, I think this question was asked earlier also. See, if I take away the top three assets that you have, which are Delhi, Goa, and Hyderabad, the EBITDA plus other income that you report has become a significant 200 crore quarterly number. Now, MRO to me is a 400 crore annual number top line, and the EBITDA would be whatever, 30-odd%. So if you can give us some sense of this 200 crore number and the constraints for it, it will be easier for us to kind of build this number more sustainably. I say so because the past two quarters have given us large numbers, but that was not the case earlier.
So any color on the constraints of INR 200 crores of EBITDA plus other income except three assets would help.
Aditya, the constraints are what we had discussed broadly: MRO, cargo, which is at Hyderabad Airport, plus there are some EBITDA coming in in line with revenue at the GMR Airport standalone because, as you know, some of these agency businesses, especially the Hyderabad and Goa duty-frees, are now managed at the GMR Airport level. So those EBITDAs are also coming. The value of these constituents can be shared offline.
Understood. So for now, I will assume that there will be a recurring INR 200 crore run rate from here on assets beyond the top three. Will that be a fair assessment of things?
In fact, the trajectory is northwards, upwards because, as already indicated, sometime down the line, even the daily duty-free will also move at GMR Airport level.
So that will also start contributing on this particular head, which is beyond these three assets, which is Delhi, Hyderabad, and Goa. So these numbers will move up as we move forward.
Understood. Maybe lastly, on the Hyderabad Airport, it was heartening to see the SPP numbers kind of go up quite meaningfully towards where Delhi operates. Maybe as an overall non-aero for pax kind of thought process, do you see a fast recovery happening from the perspective of Hyderabad Airport towards Delhi Airport levels over the next two to three years, and what could drive the same?
So one, what you would have seen as the growth in non-aero income in Hyderabad and also SPP of duty-free because we mentioned it in the last call that we now have an expanded duty-free area in Hyderabad, so which we could be able to get more product offerings, higher space, additional space.
So that added to the growth in SPP. But going forward, the growth, what we will see both in Delhi and Hyderabad, I think we'll see a similar kind of trajectory.
Sure. Should we be working with a non-aero for pax number of 205%, or do you think a higher single-digit number can become the mainstream way of looking at things for both these airports?
Non-aero income, the way we should look at this, and that's what you would have seen the performance in the current period. Overall, revenues are growing at the rate of about 14%-15%. I think that's the growth one should keep in mind. It will be a combination of traffic as well as SPP growth. So I think the right way to look at it would be to look at how the non-aero revenues are growing, top line is growing.
Understood. That's very well-posed questions.
All the very best to you all. Thank you.
Thank you, Aditya. Thank you. A reminder to all participants, you may press star and one to ask a question. The next question comes from the line of Nidhi Shah with ICICI Securities. Please go ahead.
Hi. Thank you so much for giving me the opportunity to ask a question. I would just like to, in advance, say that I'm sorry if I missed an answer if this question has already been answered. But I think the quarter at Goa Airport, which, as far as I recall, has ended in the first week of December. So I'm assuming that we will see this coming in Q4 for the year. So what number could we expect for this quarter?
The revenue share has already kicked in in case of the Goa. We just started from 7th December.
We have already paid the amount of the revenue share on the 7th of January. In the next quarter, that is what your estimation is based on the revenues we have estimated. It could be between around INR 24-25 crores.
Okay. Okay. All right. Thank you so much.
Thank you. Ladies and gentlemen, as there are no further questions, I would now like to hand the floor over to the management for closing comments.
Thank you so much, Riko. Thank you, everybody, for attending this call at this late hour. I appreciate your questions. The team, of course, is available offline to answer any other specific queries that you may have. But in a nutshell, what I've been always saying is that this current year is an inflection point for GMR Airports because the majority of the CapEx has been completed, so the model has de-risked from that perspective.
The traffic is growing quite robustly despite the supply challenges of the aircraft for various airlines which are operating above 85%-90% PLF levels. Despite all those challenges that the sector faces, the airports are growing very well. Going forward, as the Delhi Airport tariff gets notified, everything flows into the EBITDA levels, and we should start reporting much more positive results once the new tariff of Delhi gets reported. We are on our way to a much more healthier P&L and balance sheet over the next three to four years. Thank you so much.
Thank you. On behalf of GMR Airports Limited, that concludes this conference. Thank you for joining us, and you may now disconnect your lines.