Gujarat Mineral Q2 stand-alone net profit down by 72.5%

NEW DELHI: State-run Gujarat Mineral Development Corporation today reported 72.5 per cent drop in stand-alone net profit to Rs 46.32 crore for the quarter ended September 30 due to drop in net sales.

The company's stand-alone net profit in the corresponding quarter of the last fiscal was Rs 168.81 crore, the company said in a filing to BSE.

The total net sales of the company during the July-September quarter was Rs 175.24 crore, registering a decline of 54 per cent.

The company's net sales during the corresponding quarter of the last fiscal was Rs 382.22 crore, it said.

"Lower production and sales during the quarter in South Gujarat mines was due to prolonged heavy rain," GMDC said.

The total expenses of GMDC came down to Rs 133.69 crore, from Rs 194.73 crore in the corresponding period of the previous financial year.

Shares of the company closed at Rs 104.35 on the BSE, down 0.24 per cent from the previous close.