State-run mining major Gujarat Mineral Development Corporation Ltd (GMDC) reported standalone net profit of ₹451 crore for the quarter ended March 31, 2023, up 108 per cent from ₹217 crore in the corresponding quarter a year ago.

The company’s standalone revenues from operations stood at ₹952 crore and other income stood at ₹236 crore for the quarter versus ₹1,057 crore and ₹39 crore reported in the same quarter last year.

Total expenses reduced 10 per cent to ₹572 crore (versus ₹633 crore a year ago). For 2022-23, company’s net profit stood at ₹1,212 crore (₹445 crore) on operational revenues of ₹3,502 crore (₹2,732 crore). This is the highest ever annual revenue from operations for the company.

Notably, the company had posted net loss before tax of ₹348 in 2020-21, since then it has made steady recovery to return to profit at ₹1,657 crore of profit before tax for the fiscal 2022-23.

Roopwant Singh, Managing Director, GMDC, said, “We take immense pride in announcing that GMDC has achieved an exceptional financial performance in the fourth quarter. This remarkable achievement is a testament to our team’s dedication and unwavering commitment. In recognition of our record financial performance this year and as a token of appreciation to our valued shareholders, we are delighted to announce the declaration of dividend.”

The board of directors recommended 455 per cent dividend or ₹9.10 per equity share of ₹2 each for the financial year ended March 31, 2023.

On the operational front, during 2022-23, the company achieved total production of 78.21 lakh tonnes across all mines, against 89.47 lakh tonnes in FY22. In the power generation segment, GMDC generated total 1142 million units in FY23 against 923 MU in FY22, a growth of 24 per cent.

GMDC shares rose 2.42 per cent to end at ₹167.35 on the BSE on Wednesday.