GMDC Q1 net profit up by 11.36 pc at Rs 170.51 crore

AHMEDABAD: State-run Gujarat Mineral Development Corporation ( GMDC) today reported 11.36 per cent jump at Rs 170.51 crore in its net profit for the quarter ended June.

The company's profit in the corresponding period last year was Rs 153.11 crore, an official statement said.

Backed by good mining practices, the company's turnover in the first quater rose by 5.91 per cent at Rs 496.53 crore, it said.

GMDC's turnover stood at Rs 468.78 crore in the corresponding period a year ago.

The company has generated a revenue of Rs 400.65 crore from its lignite mining operations and Rs 19.41 crore from bauxite mining, the statement said.

Focussing on the value addition, GMDC has set up projects in collaboration with the private sector mineral players.

Gujarat Credo Mineral Resources Ltd is the new joint venture (JV) of GMDC that will focus on manufacturing of Zeolite from bauxite, it said.

Likewise GMDC's JV with Navin Fluorine Ltd shall focus on value-addition to fluorspar at Kadipani Fluourspar Mines, the statement said.

GMDC has set up a 5 MW solar power plant at Panandhro mines, on the mined out reclaimed area there. It has commissioned 100.5 MW wind power and targets to add another 50 MW by October 2012.