GMDC Profit Grows, Margins Expand in First Quarter
Minerals and lignite mining company Gujarat Mineral Development Corporation Ltd. saw a 56.1 percent growth in profit for the first quarter of financial year 2016-17, beating street estimates.
Net profit for the April-June period grew to Rs 114.8 crore from Rs 73.6 crore in the corresponding period last year, it said in a stock exchange filing. The consensus of analyst estimates tracked by Bloomberg stood at Rs 69.5 crore.
Revenue for the quarter-ended June increased 26.8 percent to Rs 399.3 crore from Rs 314.9 crore in the same quarter of the previous year. The Bloomberg consensus estimate was Rs 350.4 crore.
Earnings before interest, taxes, depreciation and amortisation went up by 58.2 percent to Rs 139.1 crore from Rs 98.5 crore year-on-year. The EBITDA margin expanded by 350 basis points to 34.8 percent from 31.3 percent on a yearly basis.
Segmental Performance
The revenue from mining operation increased 29.8 percent to Rs 315.5 crore from Rs 243 crore from the same quarter last year
The revenue from power generation business, however, declined 52.9 percent to Rs 114.4 crore from Rs 98.7 crore.
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