GMDC 250 MW plant goes on stream on May 3, new 250 MW plant next FY

By Staff
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Google Oneindia News

Ahmedabad, Apr 29 (UNI) Soon after its 250 MW lignite-based power plant at Akrimota in Kutch district starts generating electricity from May three, the blue-chip Gujarat Mineral Development Corporation) GDMC) will begin work on its second 250 MW unit in the adjoining district.

As per the Detailed Project Report (DPR), the estimated Rs 1,200 crore new plant is likely to be commissioned in the next 18-24 months.

Briefing newsmen here today, its Chairman and Managing Director Sudha Anchalia said the company's decision for forward integration has started paying handsome dividends from the outgoing year itself, its biggest advantage being power plant's proximity to huge lignite deposits.

GMDC earned Rs 57.22 crore during 2005-06 by sale of power to the State-owned Gujarat Electricity Corporation Limited after the first unit (125 MW) of the 250 MW plant was commissioned on January 1 this year.

She admitted that GMDC suffered a net loss of Rs 190.40 crore from power plant operation during 2005-06, due to Rs 122.66 crore depreciation, Rs 62.24 crore initial operational expenditure and Rs 51.68 crore interest servicing.

Declaring the unaudited results from mining operations alone for 2005-06, she said, it posted a 17.5 rise in sales to Rs 433.89 crore from Rs 369.25 crore, 43.42 per cent rise in Profit Before Tax (PBT) to Rs 241.67 crore from Rs 168.51 crore, and a whopping 110 per cent increase in PAT to Rs 220.43 crore from Rs 103.73 per cent over the last one year.

After incorporating the income-expenditure from power project, she said, PBT comes to Rs 51.26 crore. She expects the company's bottomline to improve further with the 250 MW power plant becoming fully operational from next month.

UNI VKC KD SKB1659

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