NMDC Q4 net nearly doubles

State-owned miner NMDC Ltd reported a net profit of Rs 2,098.62 crore for the quarter ended March 31, 2011, up 97 per cent, as compared with Rs 1,065.59 crore in the corresponding period of 2009-10.

Aided by higher price realisation, revenues grew 90 per cent to Rs 3,769.75 crore from Rs 1,983.33 crore.

For the full year of 2010-11, net profit was up 88.5 per cent to Rs 6,499 crore from Rs 3,447 crore a year ago. Sales income rose 82 per cent to Rs 11,368.94 crore from Rs 6,239 crore. Iron ore accounted for 99 per cent of the revenues.

Production and sale of iron ore during the March quarter touched 8.58 million tonnes and 8.42 million tonnes respectively, representing a year-on-year growth of 24 and 22 per cent. Domestic sale of iron ore increased 15 per cent to cater to the market needs while exports were reduced by 25 per cent.

For the year 2010-11, the company board has recommended a dividend of Rs 2.15 per share of Rs 1 face value, in addition to the interim dividend of Rs 1.15 paid in February this year.

The company had completed land acquisition for its 3 million tonne per annum steel plant at Nagamar in Chhattisgarh. The steel plant is part of its forward integration and value-addition plans.

It has also signed an agreement with Mecon for offering engineering consultancy services and another with a consortium consisting of Siemens VAI of Austria, SVAI India and NCC Ltd for turnkey execution of a sinter plant complex for its integrated steel plant.

It said actions had been initiated to sell the plant and machinery of silica sand project at Lalapur in UP and ultra pure ferric oxide plant at Visakhapatnam.