Shares of Gujarat Mineral Development Corporation (GMDC) jumped about 12 per cent in Wednesday’s trade after the company reported a strong performance in the period that ended on December 31, 2022.
GMDC reported a 97 per cent year-on-year (YoY) increase in the net profit at Rs 266.12 crore in the December 2022 quarter. It has clocked a net profit of Rs 149.82 crore in the December 2021 quarter, the company’s exchange filing said.
GMDC’s revenue from operations increased 18 per cent YoY to Rs 855.41 crore in the October-December 2022 period, as compared to Rs 725.58 crore in the same period a year ago. Its core EBITDA jumped 62 per cent to Rs 390 crore during the given quarter.
Shares of GMDC jumped over 12 per cent to Rs 144.40 on Wednesday after the announcement of results. The stock was trading at Rs 140.35 at 1.10 pm. The scrip had settled at Rs 129.35 on Tuesday. Despite this rise, the stock has tumbled about 11 per cent in the last month and it’s almost flat in the last one year.
GMDC reported a 257 per cent rise in the net profit at Rs 762.28 crore for the nine months ended on December 31, 2022, compared to a net profit of Rs 227.98 crore in the year-ago period. Its income from operations increased 50 per cent to Rs 2,549.69 crore during the period under review.
Its total production across all mines for the nine-month period stood at 57.26 lakh metric tonnes (MT) against 63.29 lakh MT in the year-long period. However, the power segment generated a total of 872.96 million units (MU) in the given period, compared to 642.98 MU in the previous year.
Gujarat Mineral Development Corporation 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 the Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.
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