Gujarat Mineral Development Corporation Ltd. share price target and research reports

Latest analyst research reports with target prices and PDF download for GMDCLTD, BSE:532181 Gujarat Mineral Development Corporation Ltd.

Gujarat Mineral Development Corporation Ltd.

14 Nov 2017

589.00

-2.18%

GMDC (2QFY18): Strong off-peak quarter, acceleration hereon. Maintain BUY

Buy: Gujarat Mineral Developmen...

Target

HDFC Securities

Maintain BUY with a TP of Rs 216 (6.5x Sep 19 EV/EBITDA). Our TP implies a valuation of Rs 15/61 mn/MW for thermal/wind assets. GMDC 2QFY18 numbers were ahead of estimates (EBITDA: Rs 1.01bn, 53.3/(45.0)% YoY/QoQ, Est 714mn), mainly due to higher realisations at Mata-no-Madh which saw pricing improve sharply (Rs1,975/t, 21.9/46.5% YoY/QoQ). Power division delivered EBITDA/kWh of Rs 1.53 (13.2/23.2% YoY/QoQ) mainly due to higher proportion of wind in the mix.

Gujarat Mineral Development Corporation Ltd. is trading above all available SMAs

Gujarat Mineral Development Corporation Ltd.

12 Aug 2017

589.00

-2.18%

GMDC (1QFY18): Volumes fuelled show. Maintain BUY

Buy: Gujarat Mineral Developmen...

Target

HDFC Securities

Maintain BUY with a TP of Rs 190 (6.5x June 19 EV/EBITDA). Our TP implies a valuation of Rs 15/48 mn/MW for thermal/wind assets. GMDC numbers were inline with estimates (EBITDA: Rs 1.83bn, 31.7/23.4% YoY/QoQ, Est 1.79bn). This was driven by strong lignite volumes (2.82 mT, up 35% YoY). Mata-No-Madh (Kutch) delivered the bulk of this jump (0.96 mT, 3.0x YoY), while the other mines also pitched in to offset lower volumes from Panandhro.

Gujarat Mineral Development Corporation Ltd. is trading above all available SMAs

Gujarat Mineral Development Corporation Ltd.

12 Aug 2017

589.00

-2.18%

GMDC Ltd: Lower Rate of GST Proving to be Big Catalyst to Gr... (Aug 12, 2017)

Buy: Gujarat Mineral Developmen...

Karvy

Remarkable Operating Performance Brightens Future Growth Prospects:GMDC has posted a very encouraging set of numbers at both sales and operating levels. The revenue from operations for Q1FY18 came at Rs.5831 Mn as against Rs.4104 Mn of Q1FY17 and Rs.5439 Mn of Q4FY17 thereby demonstratinggrowth of 42.1% on YoY basis and 7.2% on QoQ basis respectively. EBITDA of the company in Q1FY18 stood at Rs.1833 Mn which grew by 31.7% YoY basis and 23.4% on QoQ basis; in the process EBITDA margin deteriorated by 246 bps on YoYbasis but improved by 412 bps on QoQ basis.

Gujarat Mineral Development Corporation Ltd. is trading above all available SMAs

Gujarat Mineral Development Corporation Ltd.

05 Jun 2017

589.00

-2.18%

Gujarat Mineral Development Corporation Ltd: Outstanding Q4F... (Jun 05, 2017)

Buy: Gujarat Mineral Developmen...

Target

Karvy

Excellent Numbers on Mining and Power Fronts: Gujarat MineralDevelopment Corporation (GMDC) has posted standalone revenue from operations of Rs.5439Mn in Q4FY17 as against Rs.3594 Mn in corresponding quarter of FY16thereby recording sharp YoY growth of 51.4%. Such a great showing in revenue has been an outcome of sharp rise in income from Mining and Power segments whichregistered growth of 63.3% and 17.5% respectively on YoY basis.

Gujarat Mineral Development Corporation Ltd. has gained 43.78% in the last 1 Month

Gujarat Mineral Development Corporation Ltd.

15 May 2017

589.00

-2.18%

GMDC (4QFY17): Proof of pudding. Maintain BUY

Buy: Gujarat Mineral Developmen...

Target

HDFC Securities

GMDC numbers were ahead of estimates (EBITDA: Rs 1.48bn vs est Rs 1.03bn, ~2x YoY). This was driven mainly by lower mining costs (Rs471/t, 13.5% YoY, -33.6% QoQ), partly due to Panandhro returning to production. We expect mining costs to harden going ahead since Panandhro will likely not contribute beyond 1HFY18. Strong production volumes (2.6 mTPA, 30.8% YoY) were in line vs estimates.

Gujarat Mineral Development Corporation Ltd. has gained 63.70% in the last 1 Year

Gujarat Mineral Development Corporation Ltd.

18 Feb 2017

589.00

-2.18%

Gujarat Mineral Development Corporation Ltd: Robust Financia... (Feb 18, 2017)

Buy: Gujarat Mineral Developmen...

Target

Karvy

Robust Financial Performance Amidst Improved Macro Economic Environment: Government's Thrust on Infrastructure and Manufacturing to Propel Growth Momentum: Gujarat Mineral Development Corporation (GMDC) has delivered encouraging result wherein its sales in value terms in Q3FY17 has grown toRs.3803 Mn from Rs.2657 Mn, posting 43.1% YoY growth as against corresponding quarter of FY16.

Gujarat Mineral Development Corporation Ltd. has gained 121.51% in the last 6 Months

Gujarat Mineral Development Corporation Ltd.

10 Feb 2017

589.00

-2.18%

GMDC (3QFY17): Delivering without Panandhro. Maintain BUY

Buy: Gujarat Mineral Developmen...

Target

HDFC Securities

GMDC?s numbers were below expectations (EBITDA: Rs 662 mn vs est 782 mn, 4.5% YoY, Flat QoQ). However, there are several positives like a) strong volumes (1.84 mT, 6.8% YoY) despite the absence of Panandhro; b) better pricing due to improved proportion of large consumers (charged 4-5% higher) and c) significant scale-up in Kutch mines (Mata-no-madh, Umarsar). This was offset by higher mining costs due to nil volumes from low-cost Panandhro and higher volumes from high-cost Rajpardi mine.

Gujarat Mineral Development Corporation Ltd. has gained 121.51% in the last 6 Months

Gujarat Mineral Development Corporation Ltd.

20 Dec 2016

589.00

-2.18%

Gujarat Mineral Development Corporation Ltd: Weak Q2FY17; Up... (Dec 20, 2016)

Buy: Gujarat Mineral Developmen...

Karvy

GMDC has posted a net profit of Rs.729 Mn for Q2FY17 as against Rs.662 Mn during the same quarter period of FY16 thereby registering 10.1% growth. However, top line is down by 2.4% from Rs.2538 Mn in Q2FY16 to Rs.2477 Mn due to competition from cheaper imported coal. EBITDA has also contracted by 151 bps from Rs.711 Mn in Q2FY16 to Rs.657Mn during Q2FY17. The Mining revenues of the company have fallen by 2.2% while Power business has grown by 25.7% YoY basis. However, top line, bottom-line and EBITDA declined by 39.6%, 36.5% and 52.8% on QoQ basis in Q2FY17, respectively as against the performance of Q1FY17.

Gujarat Mineral Development Corporation Ltd. has gained 121.51% in the last 6 Months

Gujarat Mineral Development Corporation Ltd.

15 Dec 2016

589.00

-2.18%

GMDC (2QFY17): Mining business drags. Maintain BUY

Buy: Gujarat Mineral Developmen...

HDFC Securities

GMDCs numbers were below expectations (EBITDA: Rs 657 mn vs est 798 mn, -7.8% YoY, -52.8% QoQ), primarily dragged down by higher direct mining costs (42.9% YoY, 39.5% QoQ, per tonne basis) and lower volumes (1.1 mT, -23.1% YoY). Power volumes dragged (470 mn kWh, -31.6% YoY, 1.6% QoQ) too.