GMDC Q1 Results: Profit flat despite 22% revenue growth; Explores collaboration with IREL

Gujarat Mineral Development Corporation (GMDC) reported its first quarter earnings on Friday, July 31. The stock has seen volatile moves after its results.

Its net profit in the June quarter was flat compared to the year-ago period at ₹163 crore.

The company's revenue increased by 24% to ₹907 crore from ₹732.6 crore last year.

Earnings before interest taxes depreciation and amortization (EBITDA) increased 12.7% to ₹190.8 crore from ₹169.3 crore in the first quarter last year.

Its margin during the June quarter contracted to 21.05% from 23.19% in the year-ago period.

GMDC in its exchange filing also said that the board of directors approved the proposal for the execution of the memorandum of understanding (MoU) with IREL (India) to explore collaboration opportunities in the rare earth elements sector.

GMDC said it will submit more details in due course on the execution of the MoU.

GMDC shares were trading 0.9% up at ₹564.85 apiece at 2.05 pm. The stock has declined 5.8% this year, so far.

Also Read: Intellect Design Q1 Results: AI, cloud banking push revenue up 20%; margins ease