Gujarat Mineral Development (GMDCLTD) Q4 24/25 earnings summary

Executive summary

• Lignite production for FY25 was 8 million tonnes, below the 10 million target due to a safety incident at Rajpardi and land acquisition delays at Bhavnagar; a 10%-15% growth is targeted for FY26 from existing mines.

• Achieved the second highest annual revenue from operations and third highest annual profit before tax in company history for FY25.

• Audited standalone and consolidated financial results for the year ended March 31, 2025, were approved, with a recommended dividend of ₹10.10 per equity share for FY 2024-25.

• Strategic transformation initiative 'Project Shikhar' is underway to drive further growth.

• Six new lignite mines are progressing through statutory clearances, with major volume contributions expected from FY27 onwards.

Financial highlights

• FY25 total revenue reached ₹3,204 crore, up 17% year-over-year, with EBITDA of ₹992 crore and PAT of ₹688 crore.

• Standalone total income for FY25 was ₹2,850.84 crore, up from ₹2,462.88 crore year-over-year.

• Standalone net profit after tax for FY25 was ₹687.86 crore, compared to ₹595.70 crore in FY24.

• Mining segment FY25 revenue was ₹2,798 crore, up from ₹2,388 crore in FY24; PBT was ₹783 crore.

• Cash & cash equivalents stood at ₹1,945 crore, down 23% YoY.

Outlook and guidance

• Revenue growth for FY25 is expected to be strong, contingent on margin sustainability and ramp-up at Odisha and Bhavnagar.

• Management remains committed to the 2030 target of INR 14,500 crore revenue, with only minor timing shifts anticipated.

• The Board recommended a dividend of ₹10.10 per equity share for FY25, subject to shareholder approval.

• Ongoing strategic transformation through Project Shikhar aims to unlock new growth opportunities.

• Lignite production is expected to reach 15 million tonnes by 2035, with 70% from new mines.