Gujarat Mineral Development (GMDCLTD) Q4 23/24 earnings summary

Executive summary

• Achieved third-highest turnover and profit before tax in company history, with revenue from operations at ₹2,463 crore and PBT at ₹814 crore for FY 2023-24, despite a challenging market environment.

• Maintained strong operational performance, with 6.37 million tonnes of lignite output and significant progress in digital transformation and operational efficiency.

• Expanded asset base with acquisition of two coal blocks in Odisha and six new lignite mines in Gujarat, supporting long-term growth and energy security.

• Continued focus on diversification into critical minerals (copper, rare earth elements), renewable energy, and downstream integration.

Financial highlights

• Revenue from operations: ₹2,463 crore in FY24, down from ₹3,498 crore in FY23.

• EBITDA: ₹892 crore (margin 33%), compared to ₹1,546 crore in FY23.

• Profit before tax: ₹814 crore (FY23: ₹1,646 crore); Profit after tax: ₹614 crore (FY23: ₹1,201 crore).

• Earnings per share: ₹19.30 (face value ₹2).

• Dividend: ₹9.55 per share (477.5% of face value), total payout ₹303.69 crore.

• Zero debt on books; free cash flow and cash equivalents: ₹1,675 crore.

• Market capitalization increased 172% to ₹10,938 crore as of March 31, 2024.

Outlook and guidance

• Targeting 4X growth by 2030 through expansion in lignite, coal, and critical minerals.

• Board approved FY25 CapEx of ₹3,000 crore, including ₹1,138 crore for new lignite projects, ₹628 crore for new coal blocks, and ₹726 crore for existing lignite mines.

• Strategic focus on operationalizing Odisha coal blocks and six new lignite mines by FY26–FY28.

• Continued investment in digitalization, renewable energy, and downstream integration.