NMDC Q3 up 41 pc to Rs 595 cr on higher income

Country's top iron ore miner NMDC today recorded a 41.33 per cent jump in its net profit to Rs 595.16 crore for the quarter ended December 2016, mainly on account of higher income.
The state-run iron ore miner had clocked a net profit of Rs 421.10 crore for the corresponding quarter of 2015-16, it said in a BSE filing.
NMDC recorded a whopping 64.58 per cent increase in its total income from operations at Rs 2,497.86 crore during the quarter under review as against Rs 1,517.63 crore in the year-ago period.
Its total expenses rose to Rs 1,526.33 crore during the quarter as against Rs 1,248.27 crore in the year-ago quarter.

Its net sales from iron ore during the quarter stood higher at Rs 2,469.14 crore during the quarter as against Rs 1,485.96 crore in the corresponding quarter a year-ago.
"The company has entered MoU with Ministry of Railways for doubling of railway line owned by the Railways between Kirandul and Jagdalpur which is required for augmentation of evacuation capacity of Bailadila sector," the company said.
NMDC, which comes under the administrative control of Ministry of Steel, is India's single largest iron ore producer. At present, it is producing about 30 million tonnes of iron ore from 3 fully mechanised mines, Bailadila Deposit-14/11C, Bailadila Deposit-5, 10/11A (Chhattisgarh State) and Donimalai Iron Ore Mines (Karnataka State).

The shares of the company closed at Rs 145.25 apiece on BSE, down 0.41 per cent from the previous close.