Gujarat Mineral Development Corp Q2 result: Net profit drops 51% to ₹74.58 crore

State-run Gujarat Mineral Development Corp (GMDC) on Wednesday reported a 50.6 per cent drop in consolidated profit to ₹74.58 crore for the quarter ended September 30, 2023.

The company had posted a consolidated profit of ₹151.22 crore in the year-ago period, GMDC said in a filing to BSE.

The consolidated income of the company during the July-September period dropped to ₹459.74 crore compared to ₹591.45 crore in the year-ago period, the filing said.

Gujarat Mineral Development Corporation is one of the leading mining players in India. It 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.