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For Q3 FY'14, GMDC reported 18% fall in net sales, which was largely due to lower sales and realization from lignite business. OPM was sharply lower by 710 bps due to higher mining and plant operations costs resulting in 29% fall in OP. With flat other income and 9% rise in depreciation, PBT was down by 29%. There was an EO expense of Rs 20.35 crore in Dec'12 quarter as compared to Nil for Dec'13 quarter and after providing total tax being down by 8%, PAT for Dec'13 quarter was down by 27%.
Performance for the quarter ended Dec'13
GMDC reported an 18% fall in net sales for Q3 FY'14 to Rs 290.99 crore. Net sales from Mining segment was down by 27% to Rs 226.71 crore and while that of power segment, was up by 49% to Rs 93.04 crore.
Mining and operation costs as a % to net sales, net of stock adjustments, was up by 330 bps to 20.9%, while other expenditure, power and employee costs, as a % to net sales, net of stock adjustments, were all up by 130 bps, 80 bps and 80 bps respectively to 12.7%, 9.9% and 9% respectively. Thus OPM was down by 710 bps to 42.7%, resulting OP down by 29% to Rs 124.23 crore.
PBIT of mining segment for Dec'13 quarter, stood at Rs 84.68 crore, down by 46% YoY and PBIT margin stood at 37.4%. PBIT of power segment stood at Rs 33.24 crore as compared to loss of Rs 2.19 crore for Dec'12 quarter. PBIT margin thus for power segment was at 35.7%.
Other income was flat at Rs 39.64 crore, resulting PBIDT down by 24% to Rs 163.87 crore y.o.y. Interest costs stood Nil. Depreciation was up by 9% to Rs 32.14 crore, resulting a PBT of Rs 131.73 crore, down by 29% YoY. There was an EO expense of Rs 20.35 crore in Dec'12 quarter as compared to Nil for Dec'13 quarter and after providing total tax being down by 8%, PAT for Dec'13 quarter was down by 27%.
Performance for the nine months ended Dec'13
GMDC reported a 32% fall in net sales for nine months ended Dec'13 to Rs 836.33 crore. Net sales from Mining segment was down by 37% to Rs 693.26 crore and while that of power segment, was down by 11% to Rs 205.02 crore.
Mining and operation costs as a % to net sales, net of stock adjustments, was up by 570 bps to 22.1%, while other expenditure, power and employee costs, as a % to net sales, net of stock adjustments, were all up by 200 bps, 60 bps and 200 bps respectively to 11.3%, 9.2% and 8.8% respectively. Thus OPM was down by 950 bps to 44.2%, resulting OP down by 44% to Rs 369.66 crore.
PBIT of mining segment for nine months ended Dec'13 period, stood at Rs 299.62 crore, down by 50% YoY and PBIT margin stood at 43.2%. PBIT of power segment stood at Rs 32.43 crore down by 25% YoY. PBIT margin thus for power segment was at 15.8%.
Other income was down by 12% to Rs 106.89 crore, resulting PBIDT down by 39% to Rs 476.55 crore y.o.y. Interest costs stood Nil. Depreciation was up by 3% to Rs 92.12 crore, resulting a PBT of Rs 384.43 crore, down by 45% YoY. There was an EO expense of Rs 20.35 crore in nine months ended Dec'12 as compared to Nil for nine months ended Dec'13 period and after providing total tax of Rs 136.93 crore, being down by 38%, PAT for nine months ended Dec'13 period stood at Rs 247.50 crore, down by 45%.
Performance for the year ended Mar'13
Sales were higher by 3% to Rs 1674.68 crore. The operating profit was higher by 17% to Rs 885.97 crore facilitated by higher sales and 630 bps expansion in OPM. The other income was higher by 112% to Rs 155.48 crore, the interest cost was nil (Rs 7.45 crore in FY12) and the depreciation was higher by 8% to Rs 117.38 crore. Eventually the PBT was higher by 29% to Rs 924.07 crore. The tax was higher by 31% to Rs 302.86 crore and the net profit was eventually higher by 23% to Rs 600.85 crore.
The promoter shareholding is around 74% and none of them are pledged.
Share price trades at Rs 101.
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