Not really in terms of revenue and profits.
Actually, Lloyd had lot of inventory of iron ore in mines, and current revenue and profit was elevated bcz of that.
In H1, lloyd did 5.5 mn tonne of iron ore shipment, and H1 EBITDA was only around 400 cr.
So, at full 10 mn Ton capacity, Lloyd can make annual EBITDA of 1600 cr- which is GPIL current existing EBITDA.
GPIL has high grade value added pellets- which Lloyd doesn’t have.
GPIL will expand 4x from current capacity.
I would not say lloyd is expensive. for an asset light cash rich business, at 1600 cr annual EBITDA, 12500 cr is a fair valuation.
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