GMDC has declared its Q2 results, showing a sharp rise in profitability due to a one-time gain, even though its core operations remained under pressure compared to last year.
The company posted a net profit of ₹466 crore, significantly higher than ₹128 crore in the previous year. This surge is mainly because of a one-time gain of ₹474 crore, compared with nil in the same quarter last year.
On the operational side, revenue declined 11% year-on-year to ₹527.6 crore from ₹593 crore. The weakness in topline performance also affected profitability, with EBITDA dropping 51% to ₹69.5 crore against ₹141.4 crore last year. EBITDA margin narrowed to 13.2% from 24% on a YoY basis.
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