GMDC shares climb over 5% as Q2 net profit rises 273%

Shares of state-owned minerals and lignite mining company Gujarat Mineral Development Corporation (GMDC) rallied 5.2% to Rs 148.7 after the company reported a consolidated net profit of Rs 151.22 crore in Q2 FY23, rising 273% from the quarter ended September 2021.

The company’s revenue from operations grew 19.26% to Rs 538.92 crore in the second quarter of the current fiscal year, as against Rs 451.88 crore in the corresponding quarter of the previous year.

Profit before tax increased to Rs 204.28 crore in the quarter from Rs 48.80 crore in the same period a year ago. Total expenses fell 13.17% year on year to Rs 387.17 crore in the quarter under review.


GMDC’s revenue from mining stood at Rs 484.75 crore, rising 21.33% from the same period last year. Revenue from power stood at Rs 72.21 crore, surging 1.05% YoY, for the quarter ended 30 September.

At 1.12 pm, the stock was trading 2.05% higher at Rs 144.25 over its previous day’s close of Rs 141.35 a piece. However, the stock has plunged 26% in the last six months, but has risen nearly 95% year-to-date.