FY 2022-23
To
The Shareholders,
Gujarat Mineral Development Corporation Limited
Dear Members,
Your Directors have immense pleasure in presenting the 60th Board's
Report along with the audited nancial statements of your company for the nancial year
2022-23.
FINANCIAL RESULTS
We take pride in sharing that your Company is scaling new peaks in
growth and recently delivered the highest ever pro ts in its history. The annual pro t
before tax peaked to
`1,657 Crore And the annual revenue from operations jumped to `3,501
Crore The net worth of your company ascended to
`5,759 Crore as on 31.03.2023. You will be pleased to note that your
Company has recommended its highest dividend ever @
`11.45 per share on the face value of `2 per share. A brief outline of
the extra ordinary nancial performance of your company is given hereunder:
Particulars |
FY 2022-23 |
FY 2021-22* |
Total Income from Operations
(Net) |
3,501 |
2,732 |
Profit / (Loss) for the period
(before Tax and Exceptional Items) |
1,657 |
777 |
Net Profit / Loss after Tax
(After Exceptional Items) |
1,212 |
445 |
* Previous Year's figures have been restated and rounded off.
You will be pleased to note that during this year, your company gave a
stellar performance which is re ected in its overall nancial results. The highlights of
the annual nancial performance are as under :
Total Income stood at `3,894 Crore in FY23 as against
` 2,887 Crore in FY22.
Revenues from operations were reported at `3,501 Crore as compared to
`2,732 Crore in FY22; up by 28%.
EBITDA stands at `1,557 Crore in FY23, as against `875 Crore in FY22.
The Company's EBITDA is up by 42%.
Pro t Before Tax (PBT) stood at `1,657 Crore for FY23 as compared to
`777 Crore in FY22.
Pro t After Tax (PAT) stood at `1,212 Crore in FY23 as against `445
Crore in FY22. PAT has gone up by 172%.
Earnings per share (EPS) for FY23 stood at `38 (Face Value
` 2 per share).
Another development of great prestige for your Company is that your
Company has been accorded AA+ rating by CARE for fund based and non fund based bank
limits. This is further complimented by your Company's achievement of entering once
again into the prestigious group of India's Fortune 500 companies, attaining a rank
of 486 in the elite list during the year under review.
REVIEW OF BUSINESS OPERATIONS
Lignite Projects
During the year under review, your Company is mining Lignite from the
mines at Bhavnagar, Tadkeshwar and Rajpardi (South Gujarat), Mata no Madh and Umarsar.
Your Company is pleased to report that sales volume has improved signi cantly in FY
2022-23. Average sales realisations have gone up by 63%. To meet the increasing demand,
your Company is seeking to scale up Lignite production capacity, from 08 MTPA to 10 MTPA.
It has embarked on a journey of deepening the lignite business by augmenting capacity of
Lignite production, and is looking to escalate the Lignite production from open cast mines
to serve 30-35% of the state's market.
Your Company's mine-wise performance is as
under: |
|
FY 2022-23 |
Mine |
MT (Lakh) |
` Crore |
Mata-No-Madh |
34.61 |
1275 |
Rajpardi |
7.07 |
451 |
Tadkeshwar |
6.08 |
325 |
Bhavnagar |
11.58 |
531 |
Umarsar |
16.46 |
671 |
Total |
75.80 |
3253 |
Thermal Power Project
Your Company has a sizeable presence in the energy sector. Its Power
Division has a diversi ed portfolio of thermal power project and renewable power
generation projects comprising both wind and solar power. During the year under review,
your Company is pleased to report that a total of 822 Mn. Units of power were produced at
our Nani Chher plant in FY 2022-23. Towards adding scale and strength, your Company has
onboarded a globally-reputed strategic advisory consultancy, A T Kearney, to help take
strategic decisions in improving capacity utilisation of the lignite-based thermal power
project. Your Company is also striving to cut down on daily losses from the thermal power
plant, turn it around, improve its performance and make it into a pro table asset.
Renewable Power
Your Company has Wind Farm Projects of 200.9 MW capacity, situated at
di erent locations in Gujarat. We also have a 5 MW Solar Power Project located at the
Panandhro Lignite Project. During the year under review, your Company is pleased to report
that a total of 320.02 million units of Renewable power were produced. By undertaking
green initiative of wind and solar power generation, your Company reduced 4,214.72 lakh
tonnes of CO due to generation of green energy. Over the
2
years, it has generated 4303184 MWhr of Green Energy.
Bauxite and Manganese
Your Company's operations are located in Kutch and Devbhoomi
Dwarka districts. It is currently mining nine Bauxite deposits, of which eight are in
Kutch. Your company is pleased to report that it is exploring new avenues in diversi ed
sector in bauxite and other allied industries by value addition of plant and non-plant
grades of bauxite. Towards further expanding your Company's product portfolio,
it's developing capabilities for bene ciation of Bauxite. The mine-wise performance
is as under :
Gadhsisa group of Bauxite mines, Kutch
In the Financial year 2022-23, your Company sold 23,882 MT of (>52%
Al O ) Plant Grade Bauxite, 1,55,740 MT of
2 3
(<52% Al O ) Non-Plant Grade Bauxite and 2,479 MT of
2 3
Bauxite Dust (<40% Al O ) from Gadhsisa group of mines in
2 3
Kutch district.
Mevasa Bauxite mines, Devbhoomi Dwarka
In the Financial year 2022-23, your Company sold 45,145 MT (>52% Al
O ) Plant Grade Bauxite and 15,874 MT of (<52%
2 3
Al O ) Non-Plant Grade Bauxite, 3,955 MT of High Grade
2 3
Dust (>50% Al O ), 9,037 MT of Bauxite Dust (<40% Al O )
2 3 2 3
from Mevasa mines in Devbhoomi Dwarka district.
Manganese
In the Financial year 2022-23, your Company sold 75,381 MT of Sub grade
Manganese Ore from the waste dump of Shivrajpur Project in Panchmahal district.
Operational Highlights
As a part of our journey ahead, we are partnered with the
globally-reputed Boston Consulting Group (BCG) to undertake an extremely important
strategic transformation initiative that will cover all sectors of our operations,
christened Project Shikhar.
Through implementation of Project Shikhar, we are seeking to achieve a
breakout growth and multiply revenues manifold, unlock e ciency gains, enable future-proo
ng our growth through portfolio diversi cation, become a pan-national player in the Mining
and Minerals sector, generate employment across various regions, be an employer of choice
and achieve best-in-class operating e ciencies to drive EBITDA uplift. With Project
Shikhar, we aim to further raise our performance bar, be the most competent player in the
categories and sectors we operate in, and be at par with globally-benchmarked
organisations.
The strategic rm, AT Kearney has been onboarded to help us take
strategic decisions in improving capacity utilisation of our lignite-based thermal power
project, that was underperforming till recently. We managed to cut down on the daily
losses from the thermal power plant, turn it around, improve its performance and made it
into a pro table asset. Power generation e ciencies have been implemented.
Parallelly, Deloitte is exploring ways to fast-track our new lignite
mining projects.
New Coal Blocks
Fuel security was an issue for the Gujarat government. There was a
demand from the state to secure our resources upstream. In November 2022, six teams formed
by GMDC visited seven states to study 38 coal blocks.
During the year under review, your Company emerged as the highest
bidder for two coal mines in Odisha in the recently concluded commercial coal block
auction by the Ministry of Coal, Government of India. It won the bids for Odisha's
Burapahar block in Sundargarh District, having a geological reserve of 548 million tonne,
and the Baitarani (West) block in
Angul District, a geological reserve of 1,097 million tonne.
The Baitarani (West) block in Angul district, the bigger of the two
blocks, has 13% forest cover, and coal reserves of 1,097 million tonnes, of which 468
million tonnes can be mined through open pit mining. This project will require a capex of
` 4,125 Crore The estimated coal reserves in the Burapahar block in
Sundargarh district, with 33% forest cover is about 548 million tonnes. This project will
require a capex of `950 Crore.
Your Company plans to commission these mines in the next three years.
These two projects are projected to become your Company's backbone.
New Lignite Projects
Your Company is working towards operationalising 6 new lignite mines,
namely, Lakhpat-Punrajpar, Ghala, Damlai, Valia, Panandhro Extension and Bharkhandam. It
is pleased to report that this will help expand your Company's production, place it
in a higher orbit of growth, strengthen and expand the market position and contribute
signi cantly towards the achievement of its goal of capturing the mine to market value
chain. The upcoming Lignite mines will also help to increase Gujarat's production
capacity, reduce the cost of electricity, leverage the buoyancy in lignite prices, and
serve the captive power plants and customers in a better way. With this, your Company
plans to reach to nearly 50% of the Gujarat market. It has also onboarded the globally
reputed consultancy rm, Deloitte to help fast-track the new lignite mining projects.
Strategic Opportunities
In the forthcoming future, some of the metals that your Company is
planning to explore and mine are Copper, Lead and Zinc, near Ambaji in Dist. Banaskantha,
Gujarat. Spread over an area of 184 Hectares, this mine has mineable reserves and
resources of 7.3 Million Tonnes. The reserves also contain precious metals like silver,
cadmium, germanium and selenium in traces. Your Company is pleased to report that this is
one of the top multi-metal mines in the world with such a high metallic content.
Your Company has created a robust plan to operationalise its mine, and
is looking at setting up a bene ciation plant to make copper, lead and zinc concentrates
from the mined ore. The precious metals will be extracted with the 3 concentrates, which
are used in key industries like electronic equipment, transport, batteries and renewables,
and can also cater to the signi cant demand from the exports market.
As a part of forward integration and envisaging growing demand of
cement in future, your Company will continue exploring new opportunities for utilisation
of cement grade limestone for cement industry. Your Company will also focus on capacity
augmentation, introduction of alternate market structures, possible diversi cation
prospects, value addition and other opportunities.
As the market of overburden minerals like Silica Sand, Ball Clay &
Bentonite is increasing, your Company is seeking to become a long-term supplier of the
respective minerals through bene ciation. This is envisaged to create a larger scope in
terms of revenue, customer base and market share.
Dividend
Your Directors are immensely delighted to recommend the highest
dividend ever @ `11.45 per share on the face value of
`2 per share. An amount of `364.11 Crore will be paid as dividend on
paid up equity share capital of `63.60 Crore.
The company has adopted the dividend distribution policy. The policy is
available at Company's website :
https://www.gmdcltd.com/about/corporate-policies-gmdc/
Transfer of unclaimed dividend to Investor Education and Protection
Fund
In terms of Section 124 of the Companies Act, 2013 and applicable
provisions of Companies Act, 2013, any unclaimed dividend or unpaid Dividend relating to
the nancial year 2015-16 will be transferred to the Investor Education and Protection Fund
established by the Central Government on due date. Further, as per the provisions of IEPF
Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, the company will also
transfer the shares of the shareholders who have not claimed their dividend for a
consecutive seven years.
Taxation
The Income Tax assessment of your Company has been completed for the
Financial Year 2020-21. It has contributed
` 426 Crore towards income tax for the year under consideration. It is
to be noted that during the year, your company received an order of `181 Crore toward
interest on income tax refund.
Internal audit
M/s Ashok Chhajed & Associates, Chartered Accountants are the
internal auditors of your Company. They have carried out the internal audit of your
Company during the year under review.
Statutory audit
M/s. J N Gupta & Co., Chartered Accountants were appointed
Statutory Auditors of your Company by the Comptroller & Auditor General of India for
the Financial Year 2022-23.
Audit by Comptroller & Auditor General of India (C & AG)
Being a Government Company, the C&AG has carried out supplementary
audit of the nancial statements of your Company for the year ended 31st March, 2023,
pursuant to provisions of Section 143 (6)(a) of the Companies Act, 2013. The C&AG has
not o ered any adverse comments upon or supplementary to the statutory auditors'
report. The Comments of C&AG are at Annexure I.
Cost audit
The Cost Audit Report has been led on 09.09.2022 for the Financial Year
2021-22. For the year 2022-23, M/s N D Birla & Co., Cost Accountants were appointed as
Cost Auditors of your Company.
Secretarial audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013,
your Company appointed M/s. Vivek Vakharia & Co., Practicing Company Secretary to
undertake the Secretarial Audit of the Company for the year 2022-23. The Secretarial Audit
Report is annexed as Annexure II.
Compliance of secretarial standards
Your Company has complied with the applicable Secretarial Standards.
Particulars of employees
GMDC did not have any employee who was employed throughout the nancial
year and in receipt of remuneration of
`1,02,00,000 or more, or employed for part of the year and in receipt
of `8,50,000 or more a month, under Rule 5 (2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
The table containing other particulars of employees in accordance with
the provisions of Section 197 (1) of the Companies Act, 2013, read with Rule 5 (2) of the
Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is appended
at Annexure III to the Board's Report.
Conservation of energy, technology absorption, foreign exchange
earnings and outgo
Additional information on conservation of energy, technology
absorption, foreign exchange earnings and outgo as required by the Section 134 (3) (m) of
the Companies Act, 2013 read with Rule, 8 (3) of the Companies (Accounts) Rules, 2014 is
annexed as Annexure IV and forms part of this report.
Business Responsibility and Sustainability report
The Securities and Exchange Board of India (SEBI) has mandated that for
the rst 1,000 listed entities, a Business Responsibility and Sustainability Report (BRSR)
shall be published as part of its Board's / Annual Report mandatorily from the year
2022-23. Thus, as required under Regulation 34 of the SEBI (LODR) Regulations, 2015
Business Responsibility and Sustainability Report is enclosed at Annexure V to this
Report.
Material changes
No material changes and commitments a ecting the nancial position of
your Company occurred between the end of the nancial year to which these nancial
statements relate and the date of this report
Risk Management
Looking at the operational pro le of GMDC, i.e., Mining and Power
Operations, your Company has inbuilt risk management practices to address various
operational risks. It has standard operating processes for various mining operations in
order to mitigate procedures and prevent risk arising out of various operations. Your
Company primarily deals with natural resources. Hence, Policy of Government may impact its
operational strategy.
Your Company's risk management process revolves around following
parameters:
Every department undertakes a detailed analytical approach to the risk
management within the overall risk management framework of the company. Your Company has
also set up a Risk Management Committee. In order to create a robust risk management
framework, it has undertaken a detailed exercise through engagement of a professional
agency.
Particulars of loans, guarantees or investments made under Section 186
of the Companies act, 2013
There were no loans and guarantees given by your Company under Section
186 of the Companies Act, 2013.
Deposits
The Company has neither accepted nor renewed any deposits during the
year under review.
Particulars of contracts or arrangements made with related parties
During the Financial Year, the transactions entered into, by your
Company with the related parties were in ordinary course of business at arm's-length.
Your Company has not entered into contracts/ arrangements / transactions with Related
Parties which could be considered material in accordance with Section 188 of the Act and
the Policy of the company for Related Party Transactions. Hence, the disclosure in Form
AOC 2 under Section 134 (3) of Companies Act, 2013 is not required. Further, your Company
being a Government Company, the transactions with other government companies are exempt
under the Companies Act, 2013 as well as under the provisions of SEBI (LODR) Regulations,
2015. The Policy on Related Party Transactions may be accessed on the website of the
company at https://www.gmdcltd.com/download/Corporate-Policies.
Explanation or comments on quali cations, reservations or adverse
remarks or disclaimers made by the auditors and the practicing Company Secretary in their
reports
There are no such comments.
Annual Return
The annual return in prescribed Form No. MGT- 7, as required under
Section 92(1) of the Companies Act, 2013 read with Rule 11 of the Companies (Management
and Administration) Rules, 2014 is placed on the Company's website :
https://www.gmdcltd.com/annual-return/
GMDCs policy relating to Directors' appointment, payment of
remuneration and discharge of their duties
GMDC being a Government Company, the Government of Gujarat appoints its
Directors, except the Independent Directors. GMDC does not pay any remuneration to its
Directors except, the sitting fees and out-of-pocket expenses. The Independent Directors
are appointed by the Shareholders in their General Meeting. Except the Managing Director,
all the Directors of GMDC are non-executive directors.
Number of Board Meetings conducted during the year under review
5 Board Meetings were conducted during the Financial Year under review.
Board of Directors
During the Financial year, the Government of Gujarat appointed Shri
Kamal Dayani, IAS as Chairman of the Company vice Shri Raj Kumar, IAS due to his promotion
as the Chief Secretary of the State. At the end of the nancial year, Shri Kamal Dayani,
IAS ceased to be the Chairman due to his transfer.
After the end of the Financial Year, the Government of Gujarat
appointed Dr. Hasmukh Adhia, IAS (Retd.), Principal Advisor to Hon'ble Chief
Minister, Gujarat as Director and Chairman on the Board of Directors of your company.
During the Financial Year, the Government of Gujarat had appointed Smt.
Mona Khandhar, IAS, Principal Secretary (Economic A airs), Finance Department, Govt of
Gujarat, as Director of your Company vice Shri Milind Torawane, IAS who was transferred.
After the end of the Financial Year, the Government of Gujarat
appointed Shri S. J. Haider, IAS, Additional Chief Secretary, Industries and Mines
Department as Director on the Board of your company. With this appointment, Smt. Sonal
Mishra, IAS ceased to be the Director. Further, the Government of Gujarat appointed Ms.
Arti Kanwar, IAS, Secretary (Economic A airs), Finance Department, as Director on the
Board of your company vice Smt. Mona Khandhar, IAS who was transferred.
Directors Responsibility Statement
In accordance with the provisions of Section 134 (3) (c) read with
Section 134(5) of the Companies Act, 2013, your Directors con rm that:
In the preparation of the Financial Statements for the Financial Year
ended 31st March, 2023, the applicable accounting standards have been followed along with
proper explanation relating to material departures;
They have selected such accounting policies and applied them
consistently and made judgements and estimates that are reasonable and prudent so as to
give a true and fair view of the state of a airs of the company at the end of Financial
Year ended on 31st March, 2023 and of the pro t and loss of the company for that period;
The Directors have taken proper and su cient care for the maintenance
of adequate accounting records in accordance with the provisions of this Act for
safeguarding the assets of the company and for preventing and detecting fraud and other
irregularities, if any;
The Directors have prepared the Financial Statements on a going concern
basis;
The Directors have laid down internal nancial controls to be followed
by the company and that such internal nancial controls are adequate and were operating e
ectively; and
The Directors have devised proper systems to ensure compliance with the
provisions of all applicable laws and that such systems were adequate and operating e
ectively.
Declaration of Independent Directors
The Independent Directors have submitted their disclosures that they
ful l all the requirements as stipulated in Section 149(6) of the Companies Act, 2013 so
as to qualify themselves to be appointed as Independent Directors under the provisions of
the Companies Act, 2013 and the relevant rules.
Disclosure of composition of audit committee and providing vigil
mechanism
During the year under review, the Audit Committee consisted of the
following members:
(i) Shri S B Dangayach, Independent Director, Chairman
(ii) Shri Milind Torawane, IAS, Director, Member (up to 14.02.2023)
(iii) Smt Mona Khandhar, IAS, Director, Member (w.e.f. 14.02.2023)
(iv) Shri Nitin Shukla, Independent Director, Member
(v) Prof Shailesh Gandhi, Independent Director, Member
Your Company has established a Whistle Blower / Vigil Mechanism Policy.
It has also provided adequate safeguards against victimisation of employees and Directors
who express their concerns. Your Company has also provided direct access to the Chairman
of the Audit Committee on reporting issues concerning the interests of employees and the
Company.
Disclosure under Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013
Your Company has in place Sexual Harassment Policy, in line with the
requirements of The Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013. Internal Complaints Committee (ICC) has been set up to redress
complaints received regarding sexual harassment. All employees (permanent, contractual,
temporary, trainees) are covered under this policy.
The following is a summary of sexual harassment complaints received and
disposed, during the year 2022-23:
No. of complaints received: 1 No. of complaints redressed: 1 No. of
complaints pending: NIL
Consolidated Financial Statements
The Consolidated Financial Statements of your Company have been
prepared in accordance with Indian Accounting Standards (Ind AS) noti ed under Section 133
of the Companies Act, 2013 read with The Companies (Indian Accounting Standards) Rules,
2015 and other relevant provisions of the Act form part of this Annual Report. Further, a
statement containing salient features of the Financial Statement of Subsidiaries /
Associate Companies / Joint Ventures in the prescribed format AOC 1 is given at Annexure
VI.
Corporate Governance
As per requirement of SEBI (Listing Obligations & Disclosure
Requirement) Regulations, 2015, the detailed report on the Corporate Governance is given
in Annexure VII.
Management Discussion & Analysis
As per requirement of SEBI (Listing Obligations & Disclosure
Requirement) Regulations, 2015, Management Discussion and Analysis is given at Annexure
VIII and forms part of this report.
Environment Programme
Lignite, one of the key sources for generating thermal energy, comes
along with contaminants like Sulphur and Pyrites that impact the environment. Removing
these contaminants, technically regarded as washing Lignite, will reduce the pollution
load. Your Company is exploring opportunities to build a Pyrite and Sulphur removal plant
that will use the advanced dry technology. It believes the needs of the environment are as
important as the need for energising progress and technology-driven to realise the vision
of Honourable Prime Minister of making India a Green Energy nation.
Towards monitoring the environment and controlling pollution, your
Company has installed ESPs in the Thermal Power Project to control the emission in Boiler
Stacks. Dry Fog Systems have been installed to control fugitive dust emission during
material handling through Conveyors.
Your Company is actively engaged in developing a culture of environment
and health consciousness. It seeks to achieve carbon and climate neutrality through
adoption of best practices in its operations and management. Your Company is pleased to
report that it is using drip irrigation techniques and using recycled water where it is
supporting a project under which a check dam is created to harvest the rainwater. Under
the Sujalam Sufalam Yojna, your Company also undertook deepening of ponds, thus making
every drop count.
It is promoting greenbelt development through plantation drives. During
FY 2022-23, we planted a total 55,000 plants saplings, covering 21 hectares of mine lease
and residential colony areas, involving the State Forest Department, local villages,
societies, etc.
Industrial Relations, Health & Safety
Your Company adheres to the highest standards of safety, and ensures
and maintains it. It conducts safety training workshops for our people through internal
and external experts. At every project, a robust Safety Management Plan (SMP) is prepared
for identi cation of principal hazards and implementation of auditable control measures to
reduce the risk level as low as reasonably achievable. It is prepared in accordance to
Sec. 104 of Coal Mines Regulation 2017 & DGMS circulars.
Your Company has successfully migrated from OHSAS:18001 to ISO
45001:2018. It is focusing on proactive hazard identi cation and risk mitigation,
improvement in overall health and wellness of employees and active involvement of
workforce in risk management. Besides this, it has adopted Digital Intervention to enhance
safety, so as to benchmark with industry best practices.
GMDC has installed a Slope Stability Radar (SSR) at Rajpardi Lignite
mine in line with DGMS guidelines. SSR is among the world's best practices for
critical slope monitoring, which will help increase output in risk areas, improve
productivity and ground support.
The industrial relations with the Unions have remained cordial during
the year under review.
Corporate Social Responsibility
Gramya Vikas Trust (GVT), established in the early 90's, is an
organisation within your Company that is entrusted with improving the quality of life of
the communities in the working and surrounding areas of its operations. Its plan of
activities has extensive geographical coverage, and its functional area spans across
villages in Bharuch, Bhavnagar, Chhotaudepur, Devbhumi Dwarka, Kutch, Panchmahal and Surat
districts. GVT seeks to bring about tangible development through innovative partnerships
and programmes, strategic collaborations and stakeholder engagements.
During the year, a very ambitious programme, namely, the GMDC Samarthya
Employment Oriented Skill Training Program, has been launched on 1st January, 2023, by
GMDC-Gramya Vikas Trust (GMDC-GVT). The programme aims at providing skill training and
employment opportunities to 3,000 youth in Gujarat over a span of 3 years. This initiative
is targeted at candidates from the project areas of GMDC's operations, thus aiming to bene
t the local communities where GMDC operates. Till July-2023 more than 570 candidates have
been registered and training under 16 batches has been started at various GMDC-Samarthya
training centres in Kutch, Bhavnagar, Surat, Bharuch and Panchmahal districts.
Your Company is pleased to report that GVT, through its various
initiatives, is bene ting more than 16,000 students across GMDC's various project
areas. The various Anganwadis set up by GVT are helping create a wholesome learning
environment. In association with the Akshaya Patra Foundation, it facilitates mid-day
meals to students at the Anganwadis. It also runs school bus services for children of poor
families. Towards our commitment to making the youth future-ready, GVT has provided
library resources and illustrated children's books in project areas.
To provide people in remote, challenging, under-served, and unreached
areas with access to public healthcare, your Company started a mobile e-clinic in 2017.
During 2022-23, more than 36,000 people from 107 villages around your Company's
project locations have been bene ted from the e-Clinics.
A detailed annual report on CSR is published elsewhere in this report
at Annexure IX and forms part of this report. The CSR policy of the company is
available at weblink : https://www.gmdcltd.com/about/corporate-policies-gmdc/
Acknowledgement
Your Directors wish to place on record their deep appreciation for the
sincere services and co-operation extended by the o cers, employees and workmen of GMDC at
all levels. They also wish to place on record their gratitude for the con dence placed in
them by nancial institutions and investors. Further, your Directors wish to thank various
departments of the Central Government viz. the Ministry of Environment and Forest,
Ministry of Coal, Ministry of Mines, Indian Bureau of Mines, Director General of Mines
Safety and various bodies of State Government of Gujarat viz. Industries & Mines
Department, Energy and Petrochemicals Department, Gujarat Electricity Regulatory
Commission, the Finance Department, Commissionerate of Geology and Mining and Gujarat
Pollution Control Board. The Directors also extend their heartiest gratitude to the
strategic transformation partners, advisors, customers and shareholders of your Company
for their valued cooperation.
For and on behalf of the Board of Directors |
Place: Ahmedabad |
Hasmukh Adhia, IAS (Retd.) |
Date: 17th August, 2023 |
Non Executive Chairman |
|