GMDCLTD · Metals & Mining
Gujarat Mineral Development Corporation Ltd. reported revenue of ₹653 cr for October to December 2024, +15.8% on the year and +10.1% on the quarter.
Operating profit (EBITDA) was ₹92.0 cr, a margin of 14.1%, −737 bps on the year and −952 bps on the quarter. Over the last 7 quarters the margin has ranged from 13.3% to 32.2%, averaging 22.2%. Operating costs grew +26.6%, faster than revenue at +15.8%, so operating profit grew less than sales.
Net profit was ₹148 cr, +26.5% on the year and +15.6% on the quarter, with earnings per share of ₹4.64. Profit before other income, one-offs and tax fell 35.0%, so 61 points of the headline growth came from outside the core business. The tax rate was 18% against an average of 27% over the previous 6 quarters, which lifted profit this quarter.
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.
On earnings per share of ₹20.34 over the last four quarters, the stock at ₹471.05 trades at 23.2 times trailing earnings.
Written from the quarterly statements. The filing read adds the balance sheet and cash flow, the auditor's review, segment results, one-off items line by line and what management said on the call.
Most of the profit growth did not come from the business. What lifted the gap?
Reported profit +26.5% on the year; profit before other income, exceptional items and tax −35.0%.
Source: Quarterly statements
Half or more of pre-tax profit came from other income. What is it, and does it repeat?
Other income was 64% of profit before tax, against 38% a year earlier.
Source: Quarterly statements
Operating margin fell sharply on the year. Pricing, input costs, or mix?
Expected for Metals and mining: Commodity margins move with prices each quarter; read EBITDA per tonne instead. EBITDA margin 14.1%, −737 bps on the year (−952 bps on the quarter).
Source: Quarterly statements
Could not run on this quarter: Exceptional items that recur, 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).
Net profit a year ago, each driver's change, and net profit now. Blue added profit, red took it away.
| 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 ₹653 cr (+15.8% on the year) and net profit of ₹148 cr (+26.5% on the year) for October to December 2024.
Profit before other income, exceptional items and tax moved −35.0% on the year, against +26.5% for reported profit.
2 checks raised a question: Most of the profit growth did not come from the business. What lifted the gap?
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