GMDC net up 170% in Sept quarter

Gujarat government-run mining major, Gujarat Mineral Development Corporation Ltd (GMDC) has registered about 170 per cent growth in the net profit for the quarter ended September 30, 2012 at Rs 168.81 crore against Rs 62.62 crore for the same period last year.

Company's total income increased from Rs 258.80 crore for the quarter ended September 30, 2011 to Rs 444.34 crore for the quarter ended September 30, 2012, showing an increase of over 70 per cent. Mining operations showed a growth of 52 per cent on year-on-year basis.

The revenues from mining operations increased from Rs 203.48 crore in September 2011 quarter to Rs 308.95 crore in September quarter this fiscal.

Meanwhile, GMDC's power segment showed 83 per cent growth at Rs 93.73 crore for the quarter ended September 2012, from Rs 51.2 crore in the corresponding quarter last year.

It may be noted that GMDC paid Rs 184 crore as advance tax for the fiscal 2012-13, higher by over 54 per cent from Rs 84 crore the company paid last year, data provided by Income Tax department showed.

"Our strong performance in mineral production, cost management measures and initiatives taken in the non-conventional energy generation has started yielding returns. We expect similar strong performance to continue for the rest of the fiscal," V S Gadhvi, managing director, GMDC had told earlier.

GMDC shares closed at Rs 204.60 during Monday afternoon trades on the Bombay Stock Exchange, lower by 0.61 per cent from its previous close, and touched an intra-day high of Rs 212.45 on BSE.