Shares of Gujarat Mineral Development Corporation (GDMC) soared 3% in early trade on May 31 after the company announced a massive 157.71% YoY jump in net profit to Rs 451 crore for the quarter ended March 2023, while Rs 175 crore was reported in the same period last year.

In the March quarter, total revenue from operations stood at Rs 952 crore, down 9.93% from Rs 1,057 crore in the corresponding quarter of the previous fiscal year.

On an operational level, EBITDA was flat at Rs 456 crore in Q4FY23 compared to Rs 459 crore in the same period last year.

Annually, mining PSU businesses and lignite marketers reported revenue of Rs 3,502 crore, up 22% from Rs 2,732 crore. Net profit for the current financial year was Rs 1,212 crore, a staggering 200% growth from Rs 404 crore in the previous fiscal.

Total production from all mines was 78.21 lakh metric tons (MT) in FY23, down from 89.47 lakh MT in FY22. In the electricity segment, total kinetic energy generation in FY23 was 1,142 million units (MU), compared to 923 MU in FY2022, an increase of 24%.

Regarding the company’s financial results, Shri Roopwant Singh, Managing Director of GMDC, said, “We are very proud to announce that GMDC has achieved excellent financial results for the fourth quarter. We are committed to maintaining our momentum by further strengthening the support of our shareholders’ future value. We will continue to drive innovation, expand our market presence, and create long-term value for all stakeholders.”

GDMC traded 3.61% on the National Stock Exchange at Rs 169.35 at 9:35 am.

GDMC board has proposed a final dividend of Rs 9.10 per share for FY23, at a face value of Rs 2 per share. Earnings per share (EPS) for FY23 was Rs 38 based on a par value of Rs 2 per share.