State-run Hindustan Copper today reported a net profit at Rs 16.29 crore for the quarter ended March.
Total income of the copper miner stood at Rs 325.54 crore in the January-March quarter of last fiscal, while total expenses were Rs 319.07 crore during the same period.
The company did not provide comparable figures for the year-ago period.
For the entire 2015-16, Hindustan Copper’s net profit stood at Rs 43.56 crore and total income was at Rs 968.76 crore. Its total expenses were Rs 970.71 crore in the last financial year.
In the filing, the firm said, “In giving effect to the wage agreement between company management and workmen union, an estimated provision of Rs 33.55 crore has been made regarding wage revision of workmen during the year.”
Hindustan Copper Ltd (HCL) manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
HCL’s mines and plants are spread across four operating units, one each in Rajasthan, Madhya Pradesh, Jharkhand and Maharashtra.
Shares of the company today rose by 0.88 per cent to settle at Rs 45.80 apiece on BSE.