Gujarat Mineral Development Corporation (GMDC) dropped 10.97% to Rs 428 after the company's standalone net profit declined 55.61% to Rs 117.47 crore as on Q3 FY24 as compared to Rs 265.10 crore recorded in Q3 FY23.
Revenue from operations fell 34.03% to Rs 564.27 crore in Q3 FY24 as against Rs 855.41 crore recorded in corresponding quarter last year.Profit before tax stood at Rs 111.14 crore in Q2 FY24, down 45.51% as compared with Rs 203.95 crore recorded in the corresponding quarter last year.
On the segmental front, revenue from mining was at Rs 534.69 crore (down 34.35% YoY) and revenue from power stood at Rs 57.39 crore (down 27.66% YoY) during the period under review.
On 9-Month basis, the companys consolidated net profit fell 46.16% to Rs 409.47 crore in 9M FY24 as compared with Rs 760.61 crore recorded in 9M FY23. Revenue from operations decreased 32.83% YoY to Rs 1,712.61 crore in 9M FY24.
GMDC is one of the public sector enterprises of the GoG, primarily engaged in mining and marketing of industrial minerals in the state. It has more than six decades of experience in the mining & minerals sector. GMDC is the leaders in exploring and exploiting lignite, Bauxite, Fluorspar, Manganese, Silica Sand, Limestone, Bentonite and Ball Clay.
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