Gold bearing ore falls from a loader into a storage mound ahead of processing (Photographer: Andrey Rudakov/Bloomberg)  

MMTC Shares Rally As Losses Shrink In June Quarter

MMTC Ltd. rallied as much as 7.5 percent, after its losses narrowed in the June quarter.

Net loss fell to Rs 7 crore compared to a loss of Rs 30.6 crore in the April to June period last year, the company said in an exchange filing after market hours on Wednesday. Revenue increased 36.7 percent to Rs 2,780.7 crore from Rs 2,034.9 crore in the same quarter last year.

Earnings before interest, taxes, depreciation and amortisation loss stood at Rs 26.3 crore against a loss of Rs 43.5 crore year-on-year. The EBITDA margin stood at negative 0.95 percent from negative 2.1 percent.

Segmental Breakdown

  • Revenue from the minerals business stood at Rs 360.98 crore, up 38 times compared to corresponding quarter last year.
  • Revenue from the agro products business stood at Rs 33.25 crore, up 5 times.
  • Revenue from fertiliser business stood at Rs 1,016.41 crore, up 11 times.

MMTC stock traded as much as 3.9 percent higher at Rs 47.2 as of 10:40 a.m.