New Delhi, Feb 14 (PTI) Gujarat Mineral Development Corporation (GMDC) on Tuesday reported a 77.6 per cent rise in consolidated profit at Rs 266.11 crore for the quarter ended December 31, 2022.

The company had posted a consolidated profit of Rs 149.81 crore in the year-ago period, GMDC said in a filing to BSE.

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The consolidated income in the third quarter increased to Rs 911.97 crore from Rs 764.28 crore in the year-ago period, it added.

"At GMDC, our hard work and strategic focus have helped position us perfectly to make the best of this environment, and our plans are focused on achieving accelerated growth.

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"The next quarters will see an increase in investments across various segments, this can be seen by the number of bids GMDC has placed under the latest tranche in the commercial coal block auction recently conducted by the Ministry of Coal," GMDC Managing Director Roopwant Singh said.

Gujarat Mineral Development Corporation Ltd 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 Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.

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