New Delhi: State-owned Hindustan Copper's net profit during the April-November period of the current fiscal dipped by over 21.5 percent to Rs 110.35 crore on account of subdued prices globally.
The company, the only domestic player to produce copper ore, had recorded Rs 140.66 crore net profit in the April- November period of the last fiscal, 2011-12, an official data has revealed.
The company, which had set a target of achieving Rs 224.61 crore net profit in the 2012-13 fiscal, is unlikely to achieve the target, an official said, attributing the slippage to the subdued LME price.
The average LME price for copper in November'12 was USD 7,694/tonne, compared to the average price of USD 8,070/tonne in the previous month. The average LME price during 2011-12 was USD 8,485/tonne.
Copper prices in India are fixed on the basis of the rates that rule on the LME and the rupee-dollar exchange rate.
In November, the company's production of copper metal at 1,777 tonnes, including 427 tonnes through job work, was down 47.39 per cent compared to 3,378 tonnes during the same month in 2011.
Meanwhile, Hindustan Copper's turnover during the first eight months of the current fiscal rose to Rs 855 crore as against Rs 819 crore during the same period last fiscal. Sales achievement in November was 63 percent of the target.
For the current fiscal, the company's target is to clock Rs 1,540 crore turnover.
India, which is a net exporter of copper, consumes around 5 lakh tonnes of refined copper per annum, amounting to just three percent of the global consumption.
Sterlite Industries, Hindalco and Hindustan Copper are the major producers of refined copper in India.
First Published: Friday, January 04, 2013, 14:41