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For the quarter ended March 2010, Total Income of GMDC increased by 9% to Rs 345.82 crore. The OPM increased by 910 basis points to 45.6%. The subsequent Operating Profit stood at Rs 157.70 crore which was higher by 37% when compared with corresponding period last year. The ensuing PAT stood at Rs 90.49 crore which was 28% higher when compared with corresponding period last year.
Quarterly Analysis
For the quarter ended March 2010, Total Income of GMDC increased by 9% to Rs 345.82 crore. The OPM increased by 910 basis points to 45.6%. The subsequent Operating Profit stood at Rs 157.70 crore which was higher by 37% when compared with corresponding period last year.
The Expenses for overburden removal and loading of lignite, staff cost, stores consumption, Operational Expenditure and Project Development deferred expenses decreased (as a % of Total Income net of stock adjustment) 19.1% to 18.9%, from 10.6% to 9.4%, from 10.0% to 0.2% and from 14.4% to 9.2% respectively. The royalty and dead rent and power and fuel cost increased (as a % of Total income net of stock adjustment) from 5.6% to 6.0% and from 1.1% to 5.9% respectively. During the quarter under review there was Mine closure expense to the tune of Rs 34.12 crore
The Other Income decreased by 64% to Rs 7.79 crore. The subsequent PBIDT stood at Rs 165.48 crore indicating an increase of 21%. The Interest cost stood at Rs 4.81 crore which was lower by 58%, while the depreciation charges stood at Rs 31.62 crore indicating an increase of 360%.
The ensuing PBT stood at Rs 129.05 crore indicating an increase of 9%. The Tax expense stood at Rs 38.56 crore resulting in a Net Profit 90.49 crore which was 28% higher on a Y-o-Y basis comparison.
Year ended
For the year ended March 2010, Total Income of GMDC increased by 9% to Rs 1065.22 crore. The OPM decreased by 140 basis points to 45.2%. The subsequent Operating Profit stood at Rs 482.01 crore which was higher by 6% when compared with corresponding period last year.
The Expenses for overburden removal and loading of lignite, Royalty & Dead Rent, staff cost, Increased (as a % of Total Income net of stock adjustment) 15.2% to 17.2%, from 5.7% to 5.8% and from 8.3% to 10.1%. The power and fuel and operational expenditure decreased (as a % of sales net of stock adjustment) from 12.4% to 9.9% and from 10.7% to 9.3% respectively. During the year under review there was Mine closure expense to the tune of Rs 34.12 crore
The Other Income decreased by 21% to Rs 36.34 crore. The subsequent PBIDT stood at Rs 518.35 crore indicating an increase of 3%. The Interest cost stood at Rs 26.11 crore which was lower by 52%, while the depreciation charges stood at Rs 86.15 crore indicating an increase of 11%.
The ensuing PBT stood at Rs 406.08 crore indicating an increase of 10%. The Tax expense stood at Rs 126.21 crore resulting in a Net Profit 279.88 crore which was 18% higher on a Y-o-Y basis comparison.
Segment Results
Quarter Performance
Mining
Revenues from Mining business increased by 6% to Rs 295.36 crore and contributed 78% of total sales for the quarter ended March 2010. At PBIT level, the segment margins declined by 150 bps to 41.8% resulting segment profit to increased by 2% to Rs 123.35 crore and contributed 88% of total PBIT.
Power
Revenues from power business increased by 22% to Rs 81.49 crore and contributed 22% of total sales for the quarter ended March 2010. At PBIT level, the segment margins stood at 21.6% as compared to 41.7% during the corresponding period last year resulting segment profit of Rs 17.60 crore which was lower by 66% and contributed 12% of total PBIT.
Year ended
Mining
Revenues from Mining business increased by 3% to Rs 859.76 crore and contributed 76% of total sales for the year ended March 2010. At PBIT level, the segment margins declined by 870 bps to 42.3% resulting segment profit to decreased by 16% to Rs 363.37 crore and contributed 84% of total PBIT.
Power
Revenues from power business increased by 49% to Rs 276.21 crore and contributed 24% of total sales for the year ended March 2010. At PBIT level, the segment margins stood at 25.2% as compared to 4.6% during the corresponding period last year resulting segment profit of Rs 69.52 crore which was sharply higher and contributed 16% of total PBIT.
Dividend
The Board of Directors have recommended a dividend of 125%.
Other developments
The Corporation has made a provision for Mines Closure Plan amounting to Rs 34.12 crore in this quarter as per guidelines of Ministry of Coal, Govt. of India.
Promoters Holding
The promoters and promoter group share holding has remained flat from quarter ended December 2009 to quarter ended March 2010 at 74%
Pledged
None of the shares are pledged as on 31st March 2010
Currently the shares of GMDC is currently quoting at around Rs 121.5 0 at BSE.
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