GMDC - Rating: Buy; Target Price: Rs150 - Centrum

- We expect revenue to decrease by ~10% YoY on the back of lower volumes of ~1.9MT (down by ~24% YoY) as extended monsoons delayed restarts at Tadkeshwar and Rajpardi mines. Offtake also remained subdued from Bhavnagar and Mata no Madh mines in Dec.

- EBITDA is expected to go down by ~16% YoY to Rs1477mn. We expect EBITDA margin of 46.6%, up by 545 bps QoQ. Power plant PLF has shown steady improvements and is expected to break even at EBITDA level.

- PAT is expected at Rs976mn, lower by ~13% YoY.

Source : Equity Bulls

Keywords