The company reported an impairment loss of Rs 396.59 crore in Q4 March 2021 towards Akrimota Thermal Power Station in Kutch District, Gujarat.

Profit/(loss) before exceptional items and tax surged 815.44% to Rs 423.21 crore in Q4 March 2022 over Q4 March 2021.

On a standalone basis, GMDC's net profit fell 16.83% to Rs 175.79 crore on 86.86% increase in net sales to Rs 1,057.28 crore in Q4 FY22 over Q4 FY21. Core earnings before interest, tax, depreciation and amortization (Core EBITDA) was reported at Rs 459 crore in Q4 FY22 as against Rs 241 crore in Q3 FY22.

The company's net profit rose 12.39% to Rs 404.28 crore on 103.49% increase in net sales to Rs 2,732.08 crore in the year ended March 2022 over the year ended March 2021. Core EBITDA stands Rs 834 crore in FY22, as against Rs 146 crore in FY21. Core EBITDA margin stood at 29% in FY22.

The board recommended dividend of Rs 4.30 per equity share for financial year ended on 31 March 2022.

Roopwant Singh, IAS, managing director, GMDC said: "GMDC has delivered its best-ever annual results over the last five years and is the second-best in the company's entire life so far. Over the next few years, our focus will be to realise more and more world-class value-added products using the latest technologies & equipments. We have partnered with Boston Consulting Group (BCG) for strategic transformation; McKinsey & Co. for the development of REE Assets; AT Kearney for the transformation of Thermal Power Project, and Deloitte to fast-track the six new lignite mining projects."

GMDC is one of the leading mining players in India. It is a State Public Undertaking of the Government of Gujarat. The state-owned company currently has five operational lignite mines located in Kutch, South Gujarat, and Bhavnagar region. It is purportedly the largest merchant seller of lignite in the country.