Below is a structured extraction and summary of all relevant and actionable financial information from the submitted results filing of The Orissa Minerals Development Company Ltd. (OMDC) for the quarter ended 30th June 2025 (Q1 FY26):
1. Auditor’s Note
- Type: Limited Review Report on unaudited standalone quarterly and year-to-date financial results.
- Qualifications/Concerns:
- Emphasis of Matter:
- Mining operations for Belkundi and Bhadrasai Mines are suspended due to non-availability of statutory clearances; mining leases are under renewal.
- Bagiaburu Iron Mines started operations from 14.12.2023.
- Land holdings: Out of 284.17 acres disclosed, only 61.795 acres are held in the company’s name; 0.35 acre of this is under encroachment. 222.375 acres are not in company’s name, with 41.416 acres encroached.
- Other Observations:
- Delay in filing GST, TDS, and TCS returns for April-June 2025, resulting in interest and late fees totaling Rs. 64,169.
- Significant outstanding statutory dues amounting to Rs. 9.11 crore as of audit date, including Provident Fund, GST (RCM), Gratuity (Rs. 4.58 crore), Superannuation Fund, Property Tax, etc., raising concerns about regulatory compliance and financial risks.
- Qualitative and quantitative analysis of mine stock is done annually; no quarterly independent survey done, so no comment on stock changes/authenticity.
- Emphasis of Matter:
- Conclusion: No material misstatement found; results prepared on going concern basis.
2. Financial Performance (Standalone)
| Metric | Q1 FY26 (30-Jun-2025) Reviewed | Q4 FY25 (31-Mar-2025) Reviewed | Q1 FY25 (30-Jun-2024) Reviewed | FY26 YTD (3 months ended 30-Jun-2025) | FY25 Full Year (31-Mar-2025) Audited |
|---|---|---|---|---|---|
| Revenue from Operations (Rs. Lakhs) | 1,937.03 | 673.40 | 1,386.94 | 1,937.03 | 6,461.59 |
| Other Income (Rs. Lakhs) | 166.25 | 452.41 | 78.50 | 166.25 | 638.58 |
| Total Income | 2,103.28 | 1,125.81 | 1,465.44 | 2,103.28 | 7,100.17 |
| Total Expenses (Rs. Lakhs) | 2,381.89 | 5,037.77 | 1,673.25 | 2,381.89 | 11,940.57 |
| - Changes in Inventories | (228.50) | (416.98) | (233.84) | (228.50) | (419.18) |
| - Employee Benefits Expenses | 489.03 | 900.11 | 465.15 | 489.03 | 2,399.66 |
| - Finance Cost | 518.24 | 519.18 | 539.37 | 518.24 | 2,241.12 |
| - Depreciation & Amortisation | 15.49 | 220.29 | 57.16 | 15.49 | 391.76 |
| - Other Expenses | 1,587.63 | 3,815.17 | 845.41 | 1,587.63 | 7,327.21 |
| Profit/(Loss) before Tax | (278.61) | (3,911.96) | (207.81) | (278.61) | (4,840.40) |
| Tax Expenses | - | (767.59) | - | - | (818.01) |
| Net Profit/(Loss) after Tax | (278.61) | (3,144.37) | (207.81) | (278.61) | (4,022.39) |
| Other Comprehensive Income | - | (61.55) | - | - | (61.55) |
| Total Comprehensive Income | (278.61) | (3,205.92) | (207.81) | (278.61) | (4,083.94) |
| EPS (Basic & Diluted) (Rs.) | (4.64) | (52.41) | (3.46) | (4.64) | (67.04) |
| Paid-up Equity Capital (Rs. Lakhs) | 60.00 | 60.00 | 60.00 | 60.00 | 60.00 |
| Reserves (Excl. Revaluation) | (5,496.43) | (3,207.40) | (1,341.73) | (5,496.43) | (5,217.81) |
Notes:
- The company continues to report losses, though Q1 FY26 loss is significantly lower than Q4 FY25.
- EPS negative, reflecting losses.
- Revenue from operations increased sharply in Q1 FY26 vs Q4 FY25, indicating operational improvement.
- Finance costs remain high (~Rs. 518 lakhs in Q1 FY26).
- Depreciation sharply lower in Q1 FY26 compared to Q4 FY25 (Rs. 15.49 lakhs vs Rs. 220.29 lakhs).
- Employee expenses reduced significantly in Q1 FY26 vs Q4 FY25.
3. Management Commentary / Notes
- Going Concern: Financials prepared on going concern basis despite suspension of two mines (Belkundi & Bhadrasai) due to statutory clearance issues.
- Mining Operations: Bagiaburu Iron Mines operational since 14 Dec 2023.
- Land Holdings: Only 61.795 acres held in company name; 0.35 acre encroached. 222.375 acres not held in company name, with 41.416 acres encroached.
- Stock Valuation: Mines stock assessed annually; no quarterly independent verification.
- Statutory Dues: Significant outstanding dues (~Rs. 9.11 crore) including Provident Fund, GST, Gratuity, Superannuation Fund, Property Tax, etc.
- Legal/Regulatory: Compensation demand notices totaling Rs. 1,563.76 crore related to mining leases; Rs. 27.15 crore paid under protest and shown as advance; provision of Rs. 27.15 crore created in FY25.
- Accounting Policies: No change reported.
- Other: Delay in GST, TDS, TCS filings for Apr-Jun 2025 led to interest and late fees of Rs. 64,169.
4. Segment Information (Standalone)
| Segment | Q1 FY26 Revenue (Rs. Lakhs) | Q4 FY25 Revenue (Rs. Lakhs) | Q1 FY25 Revenue (Rs. Lakhs) | FY26 YTD Revenue | FY25 Full Year Revenue |
|---|---|---|---|---|---|
| Iron Ore | 1,937.03 | 673.40 | 1,386.94 | 1,937.03 | 6,460.13 |
| Manganese Ore | - | - | - | - | 1.46 |
| Sponge Iron | - | - | - | - | - |
| Un-allocated | 166.25 | 452.41 | 78.50 | 166.25 | 638.58 |
| Total | 2,103.28 | 1,125.81 | 1,465.44 | 2,103.28 | 7,100.17 |
| Segment Profit/(Loss) before Finance Cost & Tax (Rs. Lakhs) | Q1 FY26 | Q4 FY25 | Q1 FY25 | FY26 YTD | FY25 Full Year |
|---|---|---|---|---|---|
| Iron Ore | 220.69 | (3,134.96) | 276.25 | 220.69 | (2,364.96) |
| Manganese Ore | - | (0.73) | 6.52 | - | (0.53) |
| Sponge Iron | - | - | - | - | - |
| Un-allocated | 18.94 | (257.08) | 48.42 | 18.94 | (233.78) |
| Total Segment Results | 239.63 | (3,392.77) | 331.19 | 239.63 | (2,599.28) |
- Finance costs remain high and exceed segment profits, resulting in net losses.
- Iron Ore segment shows turnaround to profit in Q1 FY26 after large losses in Q4 FY25.
- Manganese Ore and Sponge Iron segments currently negligible or inactive.
5. Capex, Projects, Corporate Activity
- No explicit capital expenditure or project updates disclosed.
- Mining leases for Belkundi and Bhadrasai under renewal; operations suspended pending statutory clearances.
- Bagiaburu Iron Mines operational since Dec 2023.
- Provision of Rs. 27.15 crore created in FY25 against advances paid under protest related to compensation demands.
- No acquisitions, disposals, restructuring, or cost-cutting measures mentioned.
- Delay in statutory filings causing minor financial penalties.
6. Standalone vs Consolidated
- Only Standalone financial results provided.
- No consolidated results disclosed.
Summary for Investment Analysis Team
| Aspect | Key Points |
|---|---|
| Auditor’s Note | No qualifications; emphasis on suspended mines, land encroachment, statutory dues, and delays. |
| Financial Performance | Q1 FY26 revenue Rs. 19.37 crore, net loss Rs. 2.79 crore; improved vs Q4 FY25 loss of Rs. 31.44 crore. |
| Segment Performance | Iron Ore segment profitable in Q1 FY26 after losses; other segments inactive or negligible. |
| Statutory Dues & Compliance | Significant outstanding dues (~Rs. 9.11 crore) and delays in GST/TDS filings with penalties. |
| Mining Operations | Bagiaburu operational; other two mines suspended pending lease renewal. |
| Land Holdings | Majority of land not in company name; encroachment issues noted. |
| Provisions | Rs. 27.15 crore provision created for compensation demands under protest. |
| Capex/Projects | No new capex or projects disclosed; focus on lease renewals. |
| Standalone Only | No consolidated financials provided. |
Actionable Points:
- Monitor progress on mining lease renewals for Belkundi and Bhadrasai mines.
- Assess impact of statutory dues and compliance risks on financial health.
- Track operational performance of Bagiaburu Iron Mines and potential ramp-up.
- Review company’s strategy to resolve land ownership and encroachment issues.
- Watch for updates on provisions and legal claims related to compensation demands.
- Note improvement in quarterly performance but continued losses and high finance costs.
This completes the extraction and summary of the key financial and operational information from the filing.