Interim report
Page 1
Gujarat Mineral Development Corporation Limited (A Government of Gujarat Enterprise) CIN : L14100GJ1963SGC001206 “Khanij Bhavan”, 132 Ft. Ring Road, Near University Ground, Vastrapur, Ahmedabad-52 Phone : 27913200/3501 Email: cs.co@gmdcltd.com Website: www.gmdcltd.com No. GMDC/CS/ BSE/NSE/912/ 2025 Dt. 14/11/2025 To, National Stock Exchange of India, Exchange Plaza, C-1, Block G, Bandra Kurla Complex Bandra (East) , Mumbai – 400 051 Code : GMDCLTD To, Bombay Stock Exchange Ltd. 25th Floor, P.J. Towers Dalal Street Fort, Mumbai-400 001 Code : 532181 Dear Sir / Madam, Sub:- (i) Unaudited standalone and consolidated financial results of GMDC for the quarter ended on 30.09.2025 (ii) Limited Review Report for the quarter ended on 30.09.2025 With reference to above, I am directed to inform that the Board of Directors of the Company in its meeting held on 14/11/2025 has approved the unaudited financial results (standalone and consolidated) of the Company for the quarter ended on 30.09.2025, a copy of which is enclosed herewith. A copy of the limited review report for the same is also enclosed herewith. The Meeting commenced at 11.00 AM and concluded at 1.20 PM. You are requested to take note of the same. Thanking you, Yours faithfully, For Gujarat Mineral Development Corporation Limited, Joel Evans Company Secretary. Encl : As above
Page 11
INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM STANDALONE FINANCIAL RESULTS TO THE BOARD OF DIRECTORS GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED 1. We have reviewed the accompanying Statement of Standalone Unaudited Financial Results of GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED ("the Company"), for the quarter and half year ended September 30, 2025 ("the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. 2. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion. 4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 5. We draw attention to Note 2 of the statement describing the nature of exceptional items. As a result of the recent changes in GST Rate with effect from September 22, 2025 on the supply of lignite (from earlier 5% to now 18% supplemented with removal of compensation cess), the Company is eligible to utilise GST Input Credit of ₹ 474.43 Crores (available in ECL), which was expensed out in earlier financial periods considering remote possibilities of utilisation of input tax credit against output tax liabilities when the supply of lignite was under inverted duty structure. Accordingly, the Company has recognized the input tax credit asset of ₹ 474.43 Crores in Q2, FY
Page 12
26 with consequential credit as an exceptional item in the Statement of Profit and Loss considering revised realisation estimate owing to cessation of inverted duty structure. Our Conclusion on the Statement is not modified in respect of the above matter. For Dhirubhai Shah & Co LLP Chartered Accountants FRN: 102511W/W100298 Parth S. Dadawala Partner Membership No.: 134475 Date: November 14, 2025 UDIN: 25134475BMIXBE4910 Place: Ahmedabad Parth Shishirkumar Dadawala Digitally signed by Parth Shishirkumar Dadawala Date: 2025.11.14 13:18:30 +05'30'
Page 13
INDEPENDENT AUDITOR’S REVIEW REPORT ON REVIEW OF INTERIM CONSOLIDATED FINANCIAL RESULTS TO THE BOARD OF DIRECTORS GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED 1. We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of GUJARAT MINERAL DEVELOPMENT CORPORATION LIMITED ("the Parent") and its controlled entities (the Parent and its controlled entities together referred to as “the Group”), and its share of the net profit/(loss) after tax and total comprehensive income/loss of its associates and joint ventures for the quarter and half year ended September 30, 2025 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended. 2. This Statement, which is the responsibility of the Parent’s Management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review. 3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India (ICAI). A review of interim financial information consists of making inquiries, primarily of the Company's personnel responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly , we do not express an audit opinion. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended, to the extend applicable. 4. The Statement includes the result of the following entities: a) GMDC Science & Research Centre (100% Controlled Entity) b) Gujarat Mineral Research and Industrial Consultancy Society (100 % Controlled Entity) c) Naini Coal Company Limited (Joint Venture) d) Swarnim Gujarat Fluorspar Private Limited (Joint Venture) e) Gujarat Foundation for Entrepreneurial Excellence (Joint Venture) f) Gujarat Jaypee Cement and Infra Limited (Associate Company) g) Gujarat Credo Mineral Industrial Limited. (Associate Company) h) Aikya Chemicals Private Limited (Associate Company)
Page 14
5. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement. 6. We draw attention to Note 3 of the statement describing the nature of exceptional items. As a result of the recent changes in GST Rate with effect from September 22, 2025 on the supply of lignite (from earlier 5% to now 18% supplemented with removal of compensation cess), the Company is eligible to utilise GST Input Credit of ₹ 474.43 Crores (available in ECL), which was expensed out in earlier financial periods considering remote possibilities of utilisation of input tax credit against output tax liabilities when the supply of lignite was under inverted duty structure. Accordingly, the Company has recognized the input tax credit asset of ₹ 474.43 Crores in Q2, FY 26 with consequential credit as an exceptional item in the Statement of Profit and Loss considering revised realisation estimate owing to cessation of inverted duty structure. Our Conclusion on the Statement is not modified in respect of the above matter. 7. The accompanying Statement includes the unaudited interim financial results, in respect of – a) Two 100% controlled entities, whose unaudited interim financial results reflect total revenues of ₹ 0.08 crore, total profit/ (loss) after tax of ₹ (4.24) crore and, total comprehensive income/ (loss) of ₹ (4.24) crore for the quarter ended September 30, 2025, and total revenues of ₹ 0.49 crore, total profit/ (loss) after tax of ₹ (4.50) crore and, total comprehensive income/ (loss) of ₹ (4.50) crore for the half ended September 30, 2025,as considered in the Statement. The statement also reflect total assets amounting to ₹ 27.49 crores as on September 30, 2025 and net cash flow amounting to ₹ 1.37 crores for the half year ended September 30, 2025 in relation to these entities. b) Three associates and three joint ventures, whose unaudited interim financial results reflect Group's share of profit/ (loss) after tax of ₹ (0.36) crore and total comprehensive income/ (loss) of ₹ (0.36) crore for the quarter ended September 30, 2025, and Group's share of profit/ (loss) after tax of ₹ (0.46) crore and total comprehensive income/ (loss) of ₹ (0.46) crore for the half year ended September 30, 2025 as considered in the Statement. These unaudited interim financial results have not been reviewed by their auditors and have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these controlled entities, associates and joint ventures, is based solely on such
Page 15
unaudited interim financial results. According to the information and explanations given to us by the Management, these unaudited interim financial results are not material to the Group. Our Conclusion on the Statement is not modified in respect of the above matter with respect to our reliance on the financial results certificated by the management. For Dhirubhai Shah & Co LLP Chartered Accountants FRN: 102511W/W100298 Parth S. Dadawala Partner Membership No.: 134475 Date: November 14, 2025 UDIN: 25134475BMIXBF1764 Place: Ahmedabad Parth Shishirkuma r Dadawala Digitally signed by Parth Shishirkumar Dadawala Date: 2025.11.14 13:19:23 +05'30'