GMDC net up 11% in Q1

State PSU Gujarat Minerals Development Corporation Ltd (GMDC) has reported an eight per cent increase in turnover and 11 per cent in net profit in the first quarter ended June 30 compared with the corresponding period last fiscal. While the turnover was Rs 516.24 crore (Rs 478.65 crore), net profit stood at Rs 170.51 crore (Rs 153.11), according to a press release here. On Wednesday, GMDC’s share price on the BSE closed 3.72 per cent up at Rs 193.95. GMDC generated total revenue of Rs 400.65 crore from lignite mining operations and Rs 19.41 crore from bauxite mining operations. It also set up value addition projects in collaboration with private sector mineral players. The company is enhancing wind power capacity from the existing 100.5 MW to 150 MW by October.