NMDC Q4 profit down 11% to Rs 1,464.95 cr
New Delhi: Country's top iron ore producer NMDC on Wednesday reported 10.79 percent dip in its net profit at Rs 1,464.95 crore for the fourth quarter ended March 31, 2013 though production reached record levels and sales improved.
The state-run company had reported a net profit of Rs 1,642.28 crore during the fourth quarter of 2011-12.
The company's total income from operations during the quarter under review rose by 23.46 percent to Rs 3,204.25 crore from Rs 2,594.58 crore in the corresponding quarter of 2011-12, NMDC said in a statement.
Total expenses more than doubled to Rs 1,493.13 crore from Rs 652.85 crore in the corresponding quarter a year-ago.
The company achieved a record production and sales of iron ore for January-March period of 2012-13 at 9.57 MT and 8.24 MT respectively.
"This was accomplished in spite of the slurry pipeline not being available at all for evacuation," it added.
"With the increase of demand of iron ore from the domestic steel industry, NMDC collective would be committed to producing 48 MT iron ore by 2014-15," company Chairman C S Verma said.
For the whole year, NMDC recorded 12.7 percent fall in its net profit at Rs 6,342.37 crore.
Its total income declined by 4.91 percent to Rs 10,704.27 crore from Rs 11,261.89 crore in the previous fiscal.
The company said the lower turnover was "mainly due to incessant rainfall as well as low off-take of iron ore by customers and evacuation problems in the Bailadila region during the 2nd and 3rd quarter of the year."