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State-run mining major Gujarat Mineral Development Corporation Ltd (GMDC) has posted a standalone net profit of Rs 90 crore for the fourth quarter ended March 2017 against Rs 39.55 crore in the corresponding quarter last year, indicating a sharp growth of 127 per cent on a year-on-year basis.
Total income from operations stood at Rs 544 crore for the quarter against Rs 364 crore in the same quarter last year, indicating an increase of 49 per cent.
For the financial year ended March 2017, GMDC posted a net profit of Rs 324.2 crore on a standalone basis, which is higher by 44 per cent from Rs 224 crore reported in the previous year.
The board of directors has recommended a dividend of Rs 3 per share or 150 per cent on a face value of Rs 2 per share.
On a consolidated basis, the company's net profit for the fiscal stood at Rs 324.09 crore against Rs 219 crore in the previous year, indicating an increase of about 48 per cent.
"The results are fantastic and the company showed an overall improved performance. The results have beat the market expectations. The earnings per share (EPS) stood at Rs 10.20 per share compared with Rs 7.06 per share for the previous year," a company statement said here.
GMDC shares were trading down by close to 2 per cent at Rs 130.40 on the NSE.
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