Скачать или смотреть NMDC Declines Over 4% In Trade Today! Here's Why | ET Now | Latest Updates | Business News

NMDC reported a weak set of Q2FY23 Results. Revenues declined by nearly 30% QoQ while Net Profit fell 40% QoQ. EBITDA Margins came in at 26% in Q2FY23 vs 46% in Q2 FY22. EBITDA/t at INR1,009 was down 71% YoY and 59% QoQ which reflects higher costs. Motilal Oswal believes Iron ore demand remains weak. They believe demerger is not a trigger for the stock any longer. They do not expect the NMDC steel plant to be divested at a premium. Motilal Oswal has maintained a Neutral rating with a revised SoTP-based TP of INR124 (v/s INR128 earlier). Citi meanwhile has downgraded NMDC to sell- with a target price of Rs 100 per share. They say- they are struggling to find upside triggers to the stock. NMDC trades at 4x 1-yr fwd EV/EBITDA- in line with global peers.
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