Hyderabad: State-owned miner NMDC on Friday reported 33.9 percent rise in standalone net profit to Rs 1,962.14 crore for the quarter ended March 31, 2014, on the back of record production and sales.
The company's net profit in the corresponding quarter of FY13 was Rs 1,464.95 crore.
Total income from operations during the quarter was at Rs 3,884.49 crore, registering an increase of 21.2 percent over Rs 3,204.25 crore in the year-ago period.
The mining company achieved record production and sales of iron ore during the quarter at 9.86 million ton and 9.4 million ton, respectively, NMDC CMD Narendra Kothari told reporters here.
For full FY2014, net profit increased to Rs 6,420 crore against Rs 6,342 in FY13. The turnover stood at Rs 12,058 crore in FY14 against Rs 10,704 crore in FY13.
"We have for the first time this year crossed 30 million tons (MT) production and sales. The production and sales of iron ore during the last financial year stood at 30.02 MT and 30.50 MT respectively," Kothari said.
The PSU aims to achieve 31 MT of production and 32 MT of sales this year, he added.
"Though NMDC is producing around 22 percent of the country's iron ore production, it would be our endeavour to touch 50 percent of the country's production in the near future," he said.
Replying to a query, he said the miner will spend Rs 3,495 crore towards capital expenditure during the current financial year, of which Rs 2,280 crore will be spent on the steel plant being set by the company in Chhattisgarh.
The capital expediture incurred in last fiscal under various schemes was Rs 2,518 crore.
Shares of the company dropped marginally by 0.73 percent to close at Rs 170.20 on BSE.
