Gujarat Mineral Development Corporation Ltd, one of the leading mining Public Sector Enterprise in India, has announced its financial results for the third quarter and nine months ended December 31st 2021.The company has put forward remarkable performance in its third-quarter results for the financial year 2022 with a Profit (before tax) of Rs. 220 Cr. The company reported its best quarter this year with a revenue of Rs. 764 Cr.

Highlights for Q3FY22 Standalone Financials

Total income stands at Rs. 763.87 crore as against Rs. 494.30 crore in Q2FY22 Revenue from Operations stood at Rs. 725 crores as against Rs. 451.88 crores in Q2FY22 Core EBITDA reported was at Rs.202 crores as compared to Rs.27 crores in Q2FY22 Profit Before Tax stands at Rs. 220 crores as against Rs. 50 crores in Q2FY22 Profit After Tax reported was at Rs. 150 crores as against Rs. 41.13 crore in Q2FY22 EPS stands at Rs. 4.71 (Face Value Rs.2 per share) During the year 2021- 22, lignite production at Bhavnagar mines achieved was 12.86 lakh MT, an increase of 7.92 lakh MT, as against 4.94 Lakh MT in 2020-21.The production tar- get of lignite for the year 2021-22 is 86.83 lakh MT and GMDC has achieved 65.64 lakhs MT till 23/1/2022 and expected to reach around 80.00 lakh MT for the year 2021-22, an increase of 20.00 lakh MT compared to 2020-21 ie 33.34 % compared to last year. 

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During the Month of December, the production achieved was 8.42 lakh MT which is highest production achieved during the month of December over the last four years. The production stood highest at 22.16 lakh MT in Q3 which is also the highest production achieved during a similar comparable quarter of the past four years. Its Revenue from Operations was Rs 725 crore and Profit After Tax stood at Rs 150 crore. The company’s Earnings Per Share were Rs 4.71.

Total Income stood at Rs. 1790.65 crore in 9MFY22 as against Rs. 882.46 crore in 9MFY21. Revenues from operations was reported at Rs. 1674.79 crore as compared to Rs. 773.43 crore in 9MFY21. Commenting on the financial performance of the company Roopwant Singh, IAS, Managing Director, GMDC said “GMDC’s financial performance reflects its robust infrastructure as the country’s largest merchant seller of lignite. This is a validation of the company’s collaborative approach to business transformation.”

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