GMDC Q1 Profit Down 16% to Rs 184 Cr | Business News
Jul 27, 2024 13:26
Gujarat Mineral Development Corporation (GMDC) reported a 16% decline in profit for the June quarter, but revenue increased. Learn more about the company's performance.
New Delhi, Jul 27 (PTI) Gujarat Mineral Development Corporation (GMDC) has reported 15.8 per cent decline in consolidated profit at Rs 184.05 crore for the quarter ended June 30, 2024.
The company had logged a profit of Rs 218.70 crore in the year-ago period, GMDC said in a filing.
However, income during April-June FY25 increased to Rs 877.90 crore from Rs 826.77 crore in the year-ago period.
The total lignite production during the quarter increased to 22.96 lakh tonne from 18.27 lakh tonne in the year-ago period. Revenue from thermal projects increased to Rs 28 crore as against Rs 17 crore in March quarter FY24.
Revenue from wind projects rose 67 per cent to Rs 40 crore in Q1FY25 compared to Rs 24 crore in Q4FY24.
In a statement, GMDC Managing Director Roopwant Singh said April-June proved to be a pivotal quarter for the company whose strategic initiatives paid off with a remarkable revenue from operations.
GMDC is the country's second-largest lignite-producing company and the top merchant seller of lignite.
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