gmdc share price: GMDC shares climb over 5% as Q2 net profit rises 273%

Shares in the state-owned minerals and lignite mining company (GMDC) rose 5.2% to Rs 148.7 after the company reported consolidated net income of Rs 151.22 billion in the second quarter of FY23, an increase of 273% compared to the quarter ended September 2021.

The company’s operating income increased by 19.26% to Rs.538.92 crore in the second quarter of the current fiscal year from Rs.451.88 crore in the same quarter last year.

Pre-tax profit rose to Rs. 204.28 crore in the quarter from Rs. 48.80 crore in the same period last year. Total spending fell 13.17% yoy to Rs.387.17 crore in the quarter.

GMDC’s mining revenue was Rs 484.75 crore, up 21.33% from the same period last year. Electricity revenue for the quarter ended September 30 was Rs 72.21 crore, up 1.05% yoy.

At 1:12pm the stock was up 2.05% at Rs.144.25 from the previous day’s close of Rs.141.35 a share. However, the stock has plummeted 26% over the past six months but is up almost 95% year-to-date.

https://economictimes.indiatimes.com/markets/stocks/news/gmdc-shares-climb-over-5-as-q2-net-profit-rises-273/articleshow/94940469.cms gmdc share price: GMDC shares climb over 5% as Q2 net profit rises 273%

Russell Falcon

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