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Hyderabad, Aug. 2

NMDC Ltd has achieved a 33 per cent increase in turnover at Rs 1,081.66 crore for the first quarter ended June 30, 2007 against Rs 811.53 crore in the same period of the last year. The profit before tax (PBT) rose from Rs 724.47 crore to Rs 949.56 crore, registering an increase of 31 per cent and profit after tax (PAT) rose from Rs 480.14 crore to Rs 625.77 crore, an increase of 30 per cent during the comparative quarters. With the buoyancy in the steel market, the company plans to open new iron ore mines to serve the steel industry. NMDC has also signed a joint venture agreement with Chhattisgarh Mineral Development Corporation, Raipur, Chhattisgarh, for opening a new mine at Bailadila Sector.

— Our Bureau

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