Orissa Minerals Development Company Q1 Results Total Revenue ₹3.40 crores & Net Income -₹14.91 crores

Orissa Minerals Development Company Q1 Results: Orissa Minerals Development Company’s financial results for the first quarter of 2024 show some significant changes both quarter-on-quarter (QoQ) and year-over-year (YoY). The company's total revenue for the quarter ending in June 2023 was ₹3.40 crores, a big drop from ₹6.96 crores in the previous quarter (March 2023), showing a 51.19% decline QoQ. This means that the company earned less money compared to the previous quarter. When we look at the expenses, selling, general, and administrative expenses decreased from ₹10.33 crores in March 2023 to ₹4.44 crores in June 2023, a 57.07% drop QoQ. This could mean the company spent less on things like marketing and administrative tasks.

Orissa Minerals Development Company’s Depreciation costs increased by 29.99% QoQ, rising from ₹0.43 crores in March to ₹0.56 crores in June. The company’s other operating expenses also saw a slight decrease by 9.63% QoQ, from ₹5.23 crores to ₹4.73 crores. Overall, the total operating expenses dropped 33.07% QoQ.

Comparing the results year-over-year (YoY), Orissa Minerals Development Company saw a larger loss, with a net income before taxes at -₹14.91 crores for June 2023, which was worse than the same quarter last year. The diluted normalized earnings per share (EPS) also showed a dramatic negative change of 8723.11% YoY.

Here’s the information:

(in crores)

Source: Here 

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Orissa Minerals Development Company Q1 Results

In the quarter ending March 2024, Orissa Minerals Development Company’s revenue from operations increased significantly to ₹3,397.78 lakhs compared to ₹696.05 lakhs in the same quarter in 2023. The total income for the quarter, including other income, was ₹3,737.73 lakhs, much higher than ₹863.45 lakhs in 2023. The company's expenses, including costs like employee benefits, finance costs, and depreciation, also increased to ₹2,685.74 lakhs, compared to ₹1,983.84 lakhs last year. Despite the rise in expenses, the company recorded a profit before tax of ₹1,051.99 lakhs, a significant improvement from the loss of ₹1,120.39 lakhs in the same period last year.

For the full year 2024, the company’s revenue from operations grew to ₹8,227.92 lakhs, more than double the ₹3,553.07 lakhs reported in 2023. Total income for the year was ₹8,938.12 lakhs, while expenses totaled ₹9,469.00 lakhs. Although the company had a loss before tax of ₹530.88 lakhs for the year, this was a big improvement from the loss of ₹2,875.39 lakhs in 2023. The company also managed to record a net profit of ₹281.91 lakhs for the year, turning around from a loss of ₹1,654.19 lakhs the previous year.

Here is the financial statement breakdown presented in a table format:

(₹ in Lakhs)

Orissa Minerals Development Company Stock Metrics

The Orissa Minerals Development Company (OMDC) has several important financial details. The market capitalization is ₹ 5,382 crore, showing the company's total value in the stock market. The current stock price is ₹ 8,971, with a high of ₹ 9,552 and a low of ₹ 4,680 over a specific period. The stock has a high Price-to-Earnings (P/E) ratio of 344, indicating it may be expensive compared to its earnings. 

Here is the financial information in a simple table format:

Quarterly Results 

The table for Orissa Minerals Development Company shows financial results for December 2023, March 2024, and June 2024. In December 2023, the company made ₹28.28 crores in sales and had ₹15.84 crores in expenses, leading to a profit of ₹2.32 crores before tax. By March 2024, sales increased to ₹33.98 crores, and the company had higher expenses of ₹20.59 crores, resulting in a larger profit of ₹10.52 crores before tax. However, in June 2024, sales dropped to ₹13.87 crores, expenses decreased to ₹10.78 crores, but the company reported a loss of ₹2.08 crores before tax, indicating financial challenges.

Here’s a focused summary of the quarterly results for Dec 2023, Mar 2024, and Jun 2024:

(₹ in crores)

About Orissa Minerals Development Company 

The Orissa Minerals Development Company (OMDC) is a company that was established on August 16, 1918. It was originally part of Bird & Co. In 1980, the Indian government took control of Bird & Co. to manage its operations better. OMDC became a government-owned company to ensure it was run properly. On March 19, 2010, OMDC became a Schedule-B Central Public Sector Enterprise (CPSE) and a subsidiary of Eastern Investment, which is also a government company. OMDC has a share capital of ₹60 lakhs, with each share worth ₹1. The company is listed on several stock exchanges, including the Calcutta Stock Exchange, National Stock Exchange, and Bombay Stock Exchange.

OMDC operates six mining leases in Barbil, located in the Keonjhar district of Odisha. These leases include mines for iron ore and manganese ore. Some of the leases are operated on behalf of Bharat Process and Mechanical Engineers. OMDC has received permission to extend its mining leases until 2026, 2041, and 2030 for different mines. The total reserves in these mines are estimated to be about 201 million tonnes of iron ore and 27 million tonnes of manganese ore, making it an important player in the mining industry.