Gujarat Mineral Development Corporation (GMDC) rallied 3.50% to Rs 178.95 after the company reported a consolidated net profit of Rs 344.95 crore in Q1 FY23, steeply higher than Rs 37.71 crore recorded in Q1 FY22.
Revenue from operations zoomed 131.85% to Rs 1,155.37 crore in the quarter ended 30 June 2022 as compared to Rs 498.33 crore posted in the corresponding quarter previous year.
The company's profit before tax surged to Rs 466.28 crore in Q1 FY23 from Rs 43.97 crore reported in the same period a year ago. Total expenses spiked 50.69% year on year to Rs 736.78 crore in Q1 FY23.
The company's revenue from Mining stood at Rs 1,093.25 crore (up 140.54%) and revenue from Power was at Rs 103.87 crore (up 94.77%) in the quarter ended 30 June 2022.
GMDC is one of the leading mining players in India. It is a State Public Undertaking of the Government of Gujarat. The state-owned company currently has five operational lignite mines located in Kutch, South Gujarat, and Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.
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