1. NMDC’s Q1 Net declines 30% to Rs 711.34 cr

NMDC’s Q1 Net declines 30% to Rs 711.34 cr

The mining giant had clocked a net profit of Rs 1,015.39 crore in the year-ago period.

By: | Published: August 12, 2016 8:33 PM
State-run iron ore miner NMDC today posted 30 per cent plunge in its standalone net profit to Rs 711.34 crore for the quarter ended June 30. (Official Website) State-run iron ore miner NMDC today posted 30 per cent plunge in its standalone net profit to Rs 711.34 crore for the quarter ended June 30. (Official Website)

State-run iron ore miner NMDC today posted 30 per cent plunge in its standalone net profit to Rs 711.34 crore for the quarter ended June 30.

The mining giant had clocked a net profit of Rs 1,015.39 crore in the year-ago period.
Total income too fell by 5 per cent to Rs 1,720.65 crore in April-June of this fiscal from Rs 1,806.43 crore during the same quarter in 2015-16, it said in a BSE filing.

The company’s total expenses rose to Rs 960.19 crore from Rs 745.78 crore. Royalties and other levies topped the expenses during the June quarter and stood at Rs 318.16 crore, which was 94 per cent higher than the year-ago period.

The firm reported iron ore production of 7.63 million tonnes (MT) during the April-June quarter this fiscal as well as sales of 7.77 MT during the same period.

During the quarter, the public sector enterprise announced that it will buyback 80.08 crore shares worth Rs 7,527.76 crore.

Shares of the company today rose by 1.20 per cent to close at Rs 101.20 apiece at the BSE. The results were announced after the markets closed for the day.

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