Gujarat Mineral Development Corporation (GMDC) rallied 3.11% to Rs 145.75 after the company reported a consolidated net profit of Rs 151.22 crore in Q2 FY23, steeply higher than Rs 40.46 crore recorded in Q2 FY22.
Revenue from operations rose 19.26% to Rs 538.92 crore in the quarter ended 30 September 2022 as compared to Rs 451.88 crore posted in the corresponding quarter previous year.The company's profit before tax surged to Rs 204.28 crore in Q2 FY23 from Rs 48.80 crore reported in the same period a year ago. Total expenses declined 13.17% year on year to Rs 387.17 crore in Q2 FY23.
The company's revenue from Mining stood at Rs 484.75 crore (up 21.33% YoY) and revenue from Power was at Rs 72.21 crore (up 1.06% YoY) in the quarter ended 30 September 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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