Investor Presentaiton

3 furtisments HVH-LYEL GMDC Ltd. HDFC securities 20 Click. Invest. Grow. YEARS We believe the base case fair value of the stock is Rs 179 (6.25x FY24E EV/EBITDA) and the bull case fair value of the stock is Rs 195 (6.85x FY24E EV/EBITDA). Investors can buy the stock in Rs 160-163 band (5.6x FY24E EV/EBITDA) and add on dips in Rs 144-147 (5x FY24E EV/EBITDA) band. Financial Summary (Consolidated): Particulars (Rs cr) Operating Income Q4FY22 1057 Q4FY21 566 YoY (%) Q3FY22 QoQ (%) FY21 FY22 FY23E FY24E EBITDA 420 APAT 177 32 -185 86.9 1220.2 725 45.9 1,339 2,732 3,276 3,565 201 108.6 -10 679 770 848 150 18.1 -39 405 608 679 Diluted EPS (Rs) 27.7 -28.8 23.4 18.1 -1.2 12.7 19.1 21.3 RoE-% 9.2 12.2 12.4 P/E (x) 12.7 8.5 7.6 EV/EBITDA 7.4 6.5 5.6 (Source: Company, HDFC sec) Q4FY22 Result Update: Financial Performance: Consolidated Figures: Revenue from operations during the quarter stood at Rs 1057.3 crores, up by ~86.9% YoY. EBITDA during the quarter stood at Rs 420 crores, up by ~1220.2% YoY (Rs.31.8 crores in Q4FY21). EBITDA margin for the quarter was at ~39.7%. Adjusted PAT for the quarter stood at Rs 177 crores during the quarter vs net loss of Rs 184.6 crores in Q4FY21. Operational Performance: Particulars Sales Volume (Lakh MT) Mining- Lignite & Bauxite Power Generated (million units) Thermal, Solar & Wind Key developments & triggers: Q4FY22 Q4FY21 YoY (%) Q3FY22 QoQ (%) 26.2 26.7 -1.7 23.0 13.9 289.1 110.7 161.1 227.6 27.0 (Source: Company, HDFC sec) Change in leadership to strengthen existing operations & develop diversified business Appointment of Mr. Raj Kumar (Add. Chief Secretary of Home Department, Government of Gujarat., Gujarat) as the Director and Chairman in July'22 and Mr. Roopwant Singh (The Commissioner of Geology and Mining, Gujarat) in June'21 (post a dismal performance in FY21) has been crucial in the company's turnaround plans. They have taken steps to maximize the strength of existing operations and also develop FRETAILRESE RETAILRESEARCH

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