State-run mineral and mining major Gujarat Mineral Development Corporation (GMDC) today reported a rise of 45% in its net profit for the third quarter ending December 31 at Rs 101 crore.
The company had posted a profit of Rs 71 crore during the corresponding quarter last fiscal.
Backed by strategic mining decision, the company turnover in the third quarter stood at Rs 360 crore, a rise of 33% as compared to the corresponding quarter a year ago.
The company had posted turnover of Rs 270 crore during the corresponding quarter a year ago. The state PSU's total turnover in the first three quarter's of FY11 stood at Rs 951 crore.
It had clocked a profit of Rs 56 crore in the second quarter ending September against a profit of Rs 38 crore in the first quarter of FY11.
While, announcing the unaudited results, GMDC Managing Director V S Gadhvi said: "The third quarter results are encouraging and speak volumes about our performance."
Meanwhile, the company said it has proposed to set up a pyrite removal plant of 1.5 million tonnes per annum capacity at its Bhavnagar mines to boost production of lignite.