NMDC Q4 profit declines 31% to Rs 1,347 cr on lower sales

State-run mining major NMDC today reported 31 per cent fall in standalone net profit to Rs 1,347 crore for the quarter ended March 31, hit by lower sales from iron ore mining.

It had posted a net profit of Rs 1,962 crore in the year- ago period, the company said in a BSE filing.

Standalone total income of the PSU fell by 27 per cent to Rs 2,829 crore in the January-March quarter of 2014-15 from Rs 3,885 crore in the year-ago period, it added.

For the fourth quarter of 2014-15, NMDC's profit before tax and interest from iron ore mining declined to Rs 1,617 crore, from Rs 2,511 crore during the same period a year ago.

Standalone net sales from iron ore fell to Rs 2,799 crore from Rs 3,840 crore during the reported quarter.

For the entire 2014-15 fiscal, NMDC's standalone net profit was Rs 6,422 crore, as against Rs 6,420 crore in the previous fiscal.

Total standalone income grew by 3 per cent during the year to Rs 12,356 crore from Rs 12,058 crore in 2013-14.

In a separate filing, NMDC said its Board has recommended a dividend of Rs 1.30 per share in addition to the two interim dividends aggregating to Rs 7.25 per share for 2014-15.

NMDC stock fell by 0.45 per cent to close at Rs 131.55 per share on the BSE.