Following the release of FY24 financial results, which showed a decline in the net profit by 53.2 percent YoY, the share price of a mining and mineral processing company in India dipped by nearly 4.2 percent on BSE to hit an intraday low at Rs. 386.6 in the trading session of Tuesday.
With a market capitalisation of Rs. 12,437 crore, at 02:20 p.m., the shares of Gujarat Mineral Development Corporation Limited (GMDC) were trading in the red at Rs. 391.1, down by 3.06 percent.
The fluctuations in the share prices were observed after the company announced the financial results for Q4 FY23-24 and FY24, through the recent filings with the stock exchanges on Monday post-market hours.
The revenue from operations stood at Rs. 750.74 crore in Q4 FY23-24, indicating a growth of 33 percent QoQ from Rs. 564.3 crore in Q3 FY23-24, but on a year-on-year basis, it fell by nearly 21 percent from Rs. 948.2 crore in Q4 FY22-23.
GMDC witnessed a rise in the net profit by 77.3 percent QoQ from Rs. 116.82 crore in Q3 FY23-24 to Rs. 207.12 crore in Q4 FY23-24, but declined by 53.2 percent YoY from Rs. 442.2 crore in Q4 FY22-23 to Rs. 207.12 crore in Q4 FY23-24.
Further, the company’s Board has recommended a 477.5 percent dividend of Rs. 9.55 per equity share of the face value of Rs. 2 each for FY23-24, subject to the approval of the shareholders.
As per the shareholding pattern of March 2024, the promoters hold a 74 percent stake in the company, Foreign Institutional Investors hold a 1.82 percent stake, while retail investors and Domestic Institutional Investors hold a 23.44 percent and 0.74 percent stake in CSL, respectively.
The stock has delivered multibagger returns of 135.3 percent in the last one year. However, it has given negative returns of nearly 4.1 percent in six months, as well as 9.5 percent of negative returns so far in 2024.
Gujarat Mineral Development Corporation Limited operated largely in two sectors: mining and power, and its projects cover lignite, bauxite, fluorspar, multimetal, manganese, electricity, wind, and solar.
The company is also engaged in the generation of power and provides affordable power to nearby industries by utilising renewable sources of power generation with wind power and solar power installations.
Written by Shivani Singh
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