Godawari Power and Ispat Ltd (GPIL) on Saturday (October 26) reported a 38.1% year-on-year (yoy) decline in net profit at ₹159.1 crore for the second quarter ended September 30 2024.

In the corresponding quarter of the previous financial year, Godawari Power and Ispat recorded a net profit of ₹256.9 crore, the company said in a regulatory filing. The company’s operating revenue fell 1.8 per cent to ₹1,267.6 crore from ₹1,291 crore in the corresponding period of the previous fiscal.

At the operational level, EBITDA fell 31.7 per cent to ₹246.7 crore in the second quarter of this fiscal, compared to ₹361.4 crore in the corresponding period of the previous fiscal.

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EBITDA margin stood at 19.5% in the reported quarter compared to 28% in the corresponding period of the previous financial year. EBITDA is earnings before interest, taxes, depreciation and amortization.

Last month, Abhishek Agrawal, Executive Director of Godawari Power & Ispat, shared key updates regarding the company’s strategic decisions in this regard and its market outlook.

Agrawal noted that the second quarter is expected to see a decline in realizations as market conditions have been subdued. However, he expects pellet prices to improve in the third quarter.

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Over the past six months, the company has not made any exports, which is attributed to the more favorable prices in domestic markets compared to export markets. Additionally, Agrawal confirmed that there are currently no imports from China.

The results came after the close of market hours. Shares of Godawari Power and Ispat Ltd closed at ₹173.60, down ₹5.70 or 3.18 per cent on the BSE.