GMDCLTD · Metals & Mining
Gujarat Mineral Development Corporation Ltd. reported revenue of ₹383 cr for July to September 2023, — on the year and −50.0% on the quarter.
Operating profit (EBITDA) was ₹51.0 cr, a margin of 13.3%, — on the year and −1,893 bps on the quarter.
Net profit was ₹75.0 cr, — on the year and −65.8% on the quarter, with earnings per share of ₹2.35.
Metal margins move with the spread between product prices and coal and ore costs, so large quarterly swings are normal here and say more about prices than about the business. The quarterly statements do not carry volumes, realisation per tonne and the cost of coal and ore; those come with the filing read.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow filed with this quarter, the auditor's review, segment results, one-off items line by line and what management said on the call.
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 71% of profit before tax.
Source: Quarterly statements
Could not run on this quarter: Headline vs core profit, Exceptional items that recur, Operating margin on the year, Depreciation falling, Finance cost rising, Swing to loss or profit, Cash behind the profit, Receivables against sales, Inventory against sales, Borrowing while holding cash, Auditor's review or audit report, IPO money used as stated, Related-party transactions, Exits, postponements, restatements, Promoter pledges and allotments, Earlier promises against delivery, When the results were filed. Most need the filing read (balance sheet, cash flow, auditor, disclosures).
This quarter's filing carries a balance sheet and a cash flow statement. The cash, receivables and borrowing checks run once the filing read is in.
| Q2 FY24 | Q3 FY24 | Q4 FY24 | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | Q4 FY26 | Q1 FY27 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ₹383 cr | ₹564 cr | ₹750 cr | ₹818 cr | ₹593 cr | ₹653 cr | ₹786 cr | ₹733 cr | ₹528 cr | ₹579 cr | ₹814 cr | ₹907 cr |
| YoY | — | — | — | +7% | +55% | +16% | +5% | −10% | −11% | −11% | +4% | +24% |
| EBITDA margin | 13.3% | 21.5% | 25.2% | 25.8% | 23.6% | 14.1% | 24.7% | 23.1% | 13.1% | 17.4% | 12.8% | 21.1% |
| Other income, % of PBT | 71% | 38% | 30% | 24% | 34% | 64% | 41% | 35% | 93% | 56% | 79% | 34% |
| Exceptional items | — | — | — | — | — | — | — | — | — | — | — | — |
| Tax rate | 32% | 27% | 21% | 26% | 29% | 18% | 21% | 27% | 26% | 26% | 17% | 28% |
| Net profit | ₹75.0 cr | ₹117 cr | ₹187 cr | ₹184 cr | ₹128 cr | ₹148 cr | ₹226 cr | ₹164 cr | ₹466 cr | ₹133 cr | ₹194 cr | ₹163 cr |
| YoY | — | — | — | −16% | +71% | +26% | +21% | −11% | +264% | −10% | −14% | −1% |
| Core profit YoY | — | — | — | −17% | +272% | −35% | +1% | −23% | −61% | +20% | −70% | +3% |
| EPS | ₹2.35 | ₹3.67 | ₹5.89 | ₹5.79 | ₹4.02 | ₹4.64 | ₹7.11 | ₹5.15 | ₹14.65 | ₹4.18 | ₹6.10 | ₹5.14 |
| Flags | 1 | 1 | 1 | 1 | ✓ | 3 | 2 | 1 | 3 | 1 | 2 | ✓ |
Each quarter is read with the same rules. Balance-sheet and cash checks run on half-year and annual quarters; filing-read checks run where a read exists.
Gujarat Mineral Development Corporation Ltd. reported revenue of ₹383 cr (— on the year) and net profit of ₹75.0 cr (— on the year) for July to September 2023.
1 check raised a question: Half or more of pre-tax profit came from other income. What is it, and does it repeat?
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