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For the quarter ended December 2009, Net Sales / Income from Operations of GMDC increased by 5% to Rs 269.70 crore. The OPM declined by 1270 basis points to 42.3%. The subsequent Operating Profit stood at Rs 114.02 crore which was lower by 20% when compared with corresponding period last year. The ensuing PAT stood at Rs 71.20 crore which was 5% lower when compared with corresponding period last year.
Quarterly Analysis
For the quarter ended December 2009, Total Income of GMDC increased by 5% to Rs 269.70 crore. The OPM declined by 1270 basis points to 42.3%. The subsequent Operating Profit stood at Rs 114.02 crore which was lower by 20% when compared with corresponding period last year.
The Expenses for overburden removal and loading of lignite, Royalty & Dead Rent, staff cost, stores consumption, Operational Expenditure, Project Development deferred expenses and Prior Period Adj & others Increased (as a % of Total Income net of stock adjustment) 14.2% to 15.7%, from 5.5% to 6.1%, from 3.7% to 13.4%, from 0.4% to 0.6%, from 7.3% to 9.3%, from 0.3% to 0.7% and from 0.0% to 1.8% respectively. The power and fuel cost decreased (as a % of sales net of stock adjustment) from 13.9% to 11.6%.
The Other Income increased sharply by 129% to Rs 12.39 crore. The subsequent PBIDT for the quarter under review stood at Rs 126.35 crore which was 14% lower on a Y-o-Y basis comparison. The Interest cost and depreciation charges for the quarter under review stood at Rs 5.98 crore and 17.22 crore respectively which was 54% and 25% respectively lower when compared corresponding period last year.
The ensuing PBT stood at Rs 103.15 crore which was 7% lower when compared with quarter ended December 2008 figures. The Tax expense for the quarter under review stood at Rs 31.95 crore resulting in a Net Profit 71.20 crore which was 5% lower on a Y-o-Y basis comparison.
Nine months ended
For the nine months ended December 2009, Total Income of GMDC increased by 9% to Rs 719.40 crore. The OPM declined by 590 basis points to 45.1%. The subsequent Operating Profit stood at Rs 324.31 crore which was lower by 4% when compared with corresponding period last year.
The Expenses for overburden removal and loading of lignite, staff cost, stores consumption, Operational Expenditure, Project Development deferred expenses and Prior Period Adj & others Increased (as a % of Total Income net of stock adjustment) 13.4% to 16.4%, from 7.2% to 10.4%, from 0.47% to 0.54%, from 8.9% to 9.3%, from 0.4% to 0.8% and from 0.2% to 1.0% respectively. The Royalty & Dead Rent and power and fuel cost decreased (as a % of sales net of stock adjustment) from 5.8% to 5.7% and from 13.9% to 11.9% respectively.
The Other Income increased sharply by 17% to Rs 28.55 crore. The subsequent PBIDT for the nine months under review stood at Rs 352.86 crore which was 3% lower on a Y-o-Y basis comparison. The Interest cost and depreciation charges for the nine months under review stood at Rs 21.30 crore and 54.53 crore respectively which was 50% and 20% respectively lower when compared corresponding period last year.
The ensuing PBT stood at Rs 277.03 crore which was 10% higher when compared with nine months ended December 2008 figures. The Tax expense for the nine months under review stood at Rs 87.65 crore resulting in a Net Profit 189.38 crore which was 14% higher on a Y-o-Y basis comparison.
Segment Results
Quarter Performance
Mining
Revenues from Mining business decreased by 1% to Rs 210.21 crore and contributed 73% of total sales for the quarter ended December 2009. At PBIT level, the segment margins declined by 1450 bps to 36.7% resulting segment profit to decline by 28% to Rs 83.46 crore and contributed 78% of total PBIT.
Power
Revenues from power business increased by 48% to Rs 78.61 crore and contributed 27% of total sales for the quarter ended December 2009. At PBIT level, the segment margins stood at 30.8% as compared to 3.0% during the corresponding period last year resulting segment profit of Rs 24.22 crore which was significantly higher when compared with corresponding period last year and contributed 22% of total PBIT.
Nine months ended
Mining
Revenues from Mining business remained flat at Rs 564.40 crore and contributed 74% of total sales for the nine months ended December 2009. At PBIT level, the segment margins declined by 1230 bps to 42.5% resulting segment profit to decline by 23% to Rs 240.02 crore and contributed 82% of total PBIT.
Power
Revenues from power business increased by 64% to Rs 194.73 crore and contributed 26% of total sales for the nine months ended December 2009. At PBIT level, the segment margins stood at 26.7% as compared to -19.3% during the corresponding period last year resulting segment profit of Rs 51.92 crore (as compared to a PBIT level loss of Rs 22.97 crore during the corresponding period last year) and contributed 18% of total PBIT.
Other developments
Promoters Holding
The promoters and promoter group share holding has remained flat from quarter ended September 2009 to quarter ended December 2009 at 74%
Pledged
None of the shares are pledged as on 31st December 2009
Currently the shares of GMDC is currently quoting at around Rs 139.70 at BSE.
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