Dear Stakeholders,
I am delighted to present to you our 61st Annual Report for Financial Year 2023-24.
This has been yet another remarkable year for GMDC in many aspects.
Despite a year marked by considerable market volatility and unprecedented challenges,
GMDC has demonstrated resilience and strategic foresight. At a revenue of Rs. 2,732 crore
our performance this year stands as the third-best in the history of our organisation,
which can be attributed to the indomitable spirit and dedication of our teams. The company
has unlocked operational efficiencies to achieve 6.37 Million tonnes of lignite output and
extensively leveraged digital and analytics to adapt to evolving market dynamics.
Your company has not only delivered strong performance but also made strides in
furthering the agenda of strategic growth and transformation.
GMDC's constant endeavour to contribute to India's selfreliance agenda
As we reflect on the FY 2023-24, it is imperative to acknowledge positive macro trends
shaping the Indian mining landscape. Indian economy has shown remarkable resilience in FY
2023-24, registering a strong growth of over 8% despite global uncertainties and
geopolitical tensions. Specifically, the mining sector witnessed robust growth, propelled
by policy reforms and infrastructure development. The government's focus on self-reliance
and sustainability has further underscored the importance of mining, fostering responsible
practices across the industry. Looking towards the future, we remain optimistic about
India's growth outlook, given aggressive government push and favourable environment for
manufacturing and construction activities.
GMDC remains committed to playing an important role in this growth story, with a rich
portfolio across minerals and power. We take pride in serving the growing energy needs of
Gujarat's industries including the thriving MSME segment as a reliable supplier of
lignite.
GMDC for inclusive and sustainable growth
As we focus on maximizing business output, we are constantly prioritising environmental
sustainability in our day-to-day operations through initiatives like digital monitoring of
fuel consumption in our mining operations. GMDC's endeavours in renewable energy during
the year have seen significant progress, with increased efficiencies in existing
portfolio, alongside planning for expansion of wind & solar energy capacities.
Community development remains the cornerstone of GMDC's approach to inclusive growth.
Our focus on grassroot sectors like education and healthcare has yielded substantial
Social Returns on Investment during the year under review. This social outreach has been
extended to regions of Odisha where our new mines are set to operationalise, furthering
our commitment towards enriching the lives of local communities.
Our promise of long-term value creation
As we move forward, the board and management remain committed to the successful
execution of the roadmap for value-accretive growth through strategic investments, with
focus on energy security, critical minerals, and nonconventional resources. I am confident
we are well positioned to meet the evolving needs of our stakeholders and contribute to
India's economic and environmental goals.
On behalf of the Board of Directors and the management team, I would like to extend my
heartfelt gratitude to each one of you for your unwavering support and confidence
throughout this transformative journey of GMDC.
Warm regards,
Dr. Hasmukh Adhia, IAS (Retd.)
Chairman, GMDC