The company's profit before tax surged to Rs 204.28 crore in Q2 FY23 from Rs 48.80 crore reported in the same period a year ago. Total expenses declined 13.17% year on year to Rs 387.17 crore in Q2 FY23.

The company's revenue from Mining stood at Rs 484.75 crore (up 21.33% YoY) and revenue from Power was at Rs 72.21 crore (up 1.06% YoY) in the quarter ended 30 September 2022.

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.