Buy GMR Airports; target of Rs 120: Emkay Global Financial

Emkay Global Financial' research report on GMR AirportsGMRAIRPO reported EBITDA of Rs14.8bn (2% yoy), 6%/2% above Emkay/consensus estimates. Passenger growth remained subdued at 1% yoy (-3% on LFL basis) during the quarter. Revenue grew 12% yoy, aided by growth in non-aero revenue and commissioning…