NMDC posts Rs 1,906 cr net profit in Q1

M. Somasekhar Hyderabad | Updated on August 14, 2012 Published on August 14, 2012

NMDC has posted a record net profit of Rs 1,906 crore during the first quarter ended June 30, 2012 a six per cent growth compared with Rs 1,801 crore in the same quarter last year.

The iron ore major has achieved a turnover of Rs 2,840 crore (Rs 2,782 crore), a marginal increase over the comparative quarter. The earnings per share stood at Rs 4.81 compared with Rs 4.54 per share last year.

During the quarter under review, production of iron ore jumped 12 per cent to 6.9 million tonnes while the sales stood at 6.2 mt, almost on par with the corresponding quarter of the previous year.

For the year 2012-13, a capital expenditure of Rs 4,656 crore is planned to be incurred including Rs 1,200 crore for overseas acquisitions, a press release from the Hyderabad-based public sector undertaking said.

The board of directors of NMDC had met under the chairmanship of C.S. Verma on Monday.

Verma said: “NMDC would be recognised not only as an iron ore mining major but also as a key enabler of the steel and infrastructure industry”.

The installation of 3 MTPA steel plant at Nagarnar in Chhattisgarh, as part of NMDC’s forward integration programme and value-addition, is being pursued vigorously.

Orders for major packages worth Rs 12,842 crore have already been placed while other auxiliary packages are in advanced stages of finalisation, he said.

Published on August 14, 2012

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