New Delhi: State-owned Gujarat Mineral Development Corporation (GMDC) reported a nearly four-fold rise in its consolidated profit at Rs 151.2 crore on October 18 for the quarter ended September 30. The company had posted a consolidated profit of Rs 40.4 crore in the year-ago period, GMDC said in a filing to the BSE.
The consolidated income of the public sector enterprise increased to Rs 591.4 crore in the July-September period from Rs 494.7 crore in the year-ago quarter, the filing said.
Gujarat Mineral Development Corporation Ltd (GMDC) is one of India's leading mining and mineral processing companies. It has been involved in the development of mineral resources in the state for five decades now. This zero-debt company is India's second-largest lignite producer. Lignite Mine opened at Umarsar, Kutch by GMDC becomes the largest merchant seller of lignite in the country. They usually market mined lignite to various industries including textiles, chemicals, ceramics, bricks and captive power.
(With PTI inputs)
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