Shares of Gujarat Mineral Development Corporation Ltd. (GMDC) fell as much as 5% on Friday, November 14, in response to its September quarter results.

The company reported a net profit of ₹466 crore from ₹128 crore last year. The net profit was aided by a one-time gain of ₹474 crore, adjusted for which, the company would have reported a net loss of ₹8 crore. The one-time gain was due to the GST credit on Lignite due to the recent GST changes.

Revenue for the quarter declined by 11% from the year-ago period to ₹527.6 crore from ₹593 crore last year.

Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) for the quarter more than halved, declining by 51% to ₹69.5 crore from ₹141.4 crore last year.

EBITDA margin for the quarter also narrowed by over 10 percentage points to

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