State-owned iron ore miner NMDC today reported a nearly 15 per cent decline
in its net profit at Rs 1,678.62 crore for the quarter ended September 30,
2012, largely due to lower production and fall in sales. The Hyderabad-based
firm had reported a net profit of Rs 1,963.15 crore during the corresponding
quarter in the previous fiscal.
Net sales of the company declined by 14.71 per cent to Rs
2,611.84 crore due to nearly 15 per cent fall in its iron ore sales, the
company said in a filing to the BSE. The iron ore miner had reported a net
sales of Rs 3,062.32 crore during the corresponding quarter of FY'12.
Besides, its total expenditure also rose by about 8 per cent
to Rs 710.28 crore during the July-September period, while its tax outgo
declined by 14.49 per cent to Rs 806.16 crore. The company, which is sitting on
a cash reserves of Rs 22,516 crore as on September 30, 2012, reported over 16
per cent increase in its Rs 583 crore other income (largely interest earned on
the deposits).
Last month, the company had said its iron ore production was
down by about 23 per cent at 5.38 million tonnes during the July-September
quarter due to heavy rains and evacuation related issues in Chhattisgarh, where
its mainstay Bailadila mines are located.
For the half year ended September 30, 2012, the company
reported a decline of nearly 5 per cent in its net profit to Rs3,584.62 crore,
while its net sales was down nearly 7 per
cent to Rs 5,449.74 crore. NMDC shares closed today at Rs 182.30 apiece
on the BSE, down 2.07 per cent from their previous close.
Source: www. moneycontrol.com
Thanks,
Gaurav Agarwal
Head Dealer
DENIP Consultants Pvt Ltd
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