State owned miner NMDC has reported a 21.8 per cent jump in net profit at Rs 1,915 crore
NMDC chairman Narendra Kothari
Hyderabad: State owned miner NMDC has reported a 21.8 per cent jump in net profit at Rs 1,915 crore for the first quarter on the back of higher sales and higher price of iron ore. The net profit in the yearago period was Rs 1,572.19 crore.
Helped by higher sales, total income of the company rose to Rs 3,477 crore during Q1, 2014-15 from Rs 2,871 crore in the first quarter of last fiscal. NMDC sold 85.85 lakh tonnes of iron ore in the April-June quarter of this fiscal, which translates to 18 per cent jump over Q1FY14. The company’s production touched 79.43 lakh tonnes, registering a 15 per cent growth in the year ago period’s figure of 69.21 lakh tonnes.
Commenting on the performance, NMDC chairman Narendra Kothari said employees should keep up the same zeal and sustain the uptrend in production and sales to meet the rising demand of steel industry.
It had raised the price of lump or superior variety of iron ore in June by Rs 300 per tonne after reducing it in May by Rs 200 a tonne from the April price of Rs 4,500 per tonne. NMDC also raised the price of fines, which has low iron content, by Rs 250 per tonne in June after maintaining price both in April and May at Rs 2,910 a tonne.
The higher price led to higher net sales realisation and boosted its profit for the quarter of the current fiscal.
( Source : dc correspondent )
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