Latest News | Gujarat Mineral Development Corp Q2 Profit Drops 51%

New Delhi, Nov 1 (PTI) State-run Gujarat Mineral Development Corp (GMDC) on Wednesday reported a 50.6 per cent drop in consolidated profit to Rs 74.58 crore for the quarter ended September 30, 2023.

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

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The consolidated income of the company during the July-September period dropped to Rs 459.74 crore compared to Rs 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.

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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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)