Hyderabad: National Mineral Development Corporation (NMDC) is planning to invest Rs 3,500 crore in capex for the current financial year, up 25 per cent from last year, even as it reported a 31 per cent fall in its standalone net profit for the quarter ended March 31.
Speaking on the sidelines of the announcement of Q4 results, NMDC CMD Narendra Kothari said, “It was a difficult year for the industry as there was pressure from the falling international prices which dropped almost by 50 per cent to $49 from $114 last year.” The company posted a minor increase in profit after tax (PAT) for FY 2014-15 at Rs 6,422 crore as against Rs 6,420 crore last year.
It also posted a one per cent increase in its total output at 30.44 MT as against 30.02 MT in the last fiscal. It is also planning to achieve an ambitious target of achieving 100 MT of iron ore production in the next few years from the current 30 MT.
