Shares of the Gujarat Mineral Development Corporation (GDMC) surged by 3 percent in morning trade on May 31, after the company announced significant year-on-year rise of 157.71% in net profit, at Rs 451 crore, for the quarter ending March 2023, as against Rs 175 crore reported in the year ago period.
During the March quarter, total revenue from operations stood at Rs 952 crore, marking a 9.93 percent decline from Rs 1,057 crore in the corresponding period of the previous fiscal year.
At the operating level, EBITDA (earnings before interest, tax, depreciation, and amortisation) remained flat at Rs 456 crore in Q4FY23, in comparison to Rs 459 crore reported during the same period a year earlier.
Annually, the mining PSU enterprise and lignite seller reported revenue of Rs 3,502 crore, marking a growth of 22% from Rs 2,732 crore. The net profit for the fiscal year stood at Rs 1,212 crore, exhibiting an exceptional growth rate of 200% compared to the previous fiscal's net profit at Rs 404 crore.
Production Highlights
In FY23, total production across all mines amounted to 78.21 lakh metric tonnes (MT), a decrease from the 89.47 lakh MT recorded in FY22. Within the power segment, total MU generated stood at 1,142 million units (MU) in FY23, as against 923 MU in FY22, showing a growth of 24%.
Commenting on the financial performance of the company, Shri Roopwant Singh, Managing Director, GMDC said, "We take immense pride in announcing that GMDC has achieved an exceptional financial performance in the fourth quarter. We are committed to maintaining our momentum by further enhancing shareholder value in the future and will continue to drive innovation, expand our market presence, and create long-term value for all stakeholders".
At 9:35 am, GDMC was trading with gains of 3.61 percent at Rs 169.35 on the National Stock Exchange.
GDMC's board of directors have proposed a final dividend of Rs 9.10 per equity share, with a face value of Rs 2 each, for the fiscal year FY23. The earnings per share (EPS) for FY23 amounted to Rs 38, based on a face value of Rs 2 per share.
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