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The Gujarat Mineral Development Corporation (GMDC)-- India’s largest merchant-seller and second largest producer of lignite --- reported a 26 per cent year-on-year increase in profits for the third quarter of the current financial year.
Riding on improved sales of lignite which is used as fuel in power plants, the State-run company’s profits rose to ₹147 crore during the October-December period, from ₹116 crore, the previous year. During the same period, net sales of the company rose 16 per cent to ₹653 crore. Though the net sales from the power business dropped 54 per cent to ₹26 crore in the third quarter, the 17 per cent rise in sales (₹627 crore) from the flagship mining business, boosted the revenues.
During the third quarter the company sold ₹601 crore worth of lignite, a year-on-year increase of 16 per cent. The company also sold ₹28 crore worth of bauxite, registering a growth of 143 per cent.
According to GMDC officials, a reduction in thermal and renewable energy power production led to the dip in revenues from sale of power during the third quarter. The company which has 250 MW of thermal power capacity, did not produce any electricity during the quarter. GMDC’s 200 MW wind power installations and 5 MW of solar capacity produced 11 per cent less renewable power.
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