Gujarat Mineral Development Corporation (GMDC) surged 8.43% to Rs 140.25 after the company's consolidated net profit jumped 77.6% to Rs 266.12 crore in Q3 FY23 from Rs 149.82 crore in Q3 FY22.
Revenue from operations increased 18.1% to Rs 855.41 crore in the quarter ended 31 December 2022 as compared to Rs 724.58 crore posted in the corresponding quarter previous year.The company reported profit before tax of Rs 370.40 crore in Q3 FY23, regisitering a growth of 68.7% on YoY basis.
Core reported EBITDA stood at Rs 390 crore, up 61.83% YoY from Rs 241 crore posted in Q3 FY22.
The company's revenue from Mining stood at Rs 814.52 crore (up 26.9% YoY) and revenue from Power was at Rs 79.33 crore (up 18.17% YoY) in the quarter ended 31 December 2022.
Total expenses fell marginally to Rs 542.08 crore as compared with Rs 545.04 crore posted in the corresponding quarter last year. Employee benefit expenses was Rs 35.77 crore (up 7.19% YoY) while finance costs stood at Rs 1.73 crore (up 225.76% YoY) during the period under review.
Roopwant Singh, IAS, managing director of GMDC said, "At GMDC, our hard work and strategic focus have helped position us perfectly to make the best of this environment, and our plans are focused on achieving accelerated growth. The next quarters will see an increase in investments across various segments, this can be seen by the number of bids GMDC has placed under the latest tranche in the commercial coal block auction recently conducted by the Ministry of Coal".
GMDC is one of the leading mining players in India. 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. As on 31 December 2022, Government of Gujarat holds 74% stake in the company.
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