‘Reduce’ for 59% downside: Nuvama says ‘too much optimism’ priced in to this mining stock

Adjusted for a one-time gain, GMDC would have reported a net loss in the September quarter. Its revenue also declined by 11% during the quarter compared to last year, while its EBITDA halved. EBITDA margin narrowed to 13.2% from 24% in the year-ago quarter.