Q2FY19 Results: Impairment loss lead GMDC to negative bottomline

GMDC reported its results for the quarter ended September 30, 2018.

The company's standalone revenue for the quarter came in at Rs. 293.97 crore as against Rs. 345.74 crore in the corresponding quarter last year, registering 15 per cent yoy decline.

The EBITDA for the quarter fell by 25 per cent yoy to Rs. 75.62 crore as against Rs. 100.81 crore in the corresponding quarter last year, with a corresponding margin contraction of 344 bps. EBITDA margin for the quarter stood at 25.7 per cent. This margin contraction was due to 18 per cent rise in employee benefit expenses.

The unadjusted net loss for the quarter came in at Rs. 222 crore as against profit Rs. 113.04 crore in the corresponding quarter last year. This was mainly due to impairment loss amounting to Rs. 297.65 crore of investment in associate.

Today, the stock opened at Rs. 86 per share and made an intraday low of Rs. 81.35, on the BSE.