Iron ore miner NMDC today reported a nearly 15 per cent dip in net profit for the quarter ended September 30, mainly from a fall in production and sales.
The firm clocked a net profit of Rs 1,678.62 crore during the quarter, down from Rs 1,963.15 crore in the year-ago period.
Its net sales also retreated about 14 per cent to touch Rs 2,611.84 crore, down from Rs 3,062.52 crore in the corresponding period last fiscal.
Its expenditure rose to Rs 710.28 crore from Rs 658.17 crore.
Incessant rains at its mine sites cut the company’s iron ore production by about 23 per cent during the quarter to 54 lakh tonnes, and sales decreased by 23 per cent over the corresponding previous quarter.
Its EPS stood at Rs 4.23 per share for the quarter, against Rs 4.95 in the year ago period.
C.S. Verma, Chairman and Managing Director, said the company was going through a challenging period, with the evacuation problem adversely affecting overall performance.
The thrust will be on increasing iron ore production to meet the domestic demands of the steel manufacturers, he said.
Dividend
The Board of Directors approved an interim dividend of Rs 2 per equity share of Re 1 for the financial year 2012-13.
The installation of a 3-million-tonne steel plant at Nagarnar, in Chattisgarh is on track, with orders for major technological packages having been placed and other auxiliary packages in advanced stages of finalisation.
amitmitra@thehindu.co.in