Home / Business / Money / NMDC Q3 profit rises 1.6% to Rs 1,593 cr, beats forecast

NMDC Q3 profit rises 1.6% to Rs 1,593 cr, beats forecast

State-run iron ore miner NMDC beat street expectations on Friday with the third quarter profit rising 1.6 percent year-on-year to Rs 1,593 crore. According to CNBC-TV18 poll, profit was expected at Rs 1,503 crore on revenue of Rs 1,780 crore for the quarter.

The News International Team

State-run iron ore miner  NMDC beat street expectations on Friday with the third quarter profit rising 1.6 percent year-on-year to Rs 1,593 crore. According to CNBC-TV18 poll, profit was expected at Rs 1,503 crore on revenue of Rs 1,780 crore for the quarter.

Net sales grew 4.4 percent to Rs 2,944 crore in the quarter ended December 2014 from Rs 2,822 crore in same quarter last year, driven by higher realisations (though volumes declined).

Realisations during the quarter spiked 10 percent to approximately Rs 4,221 per tonne while sales volumes dipped 5 percent to 6.98 million tonnes in Q3FY15, year-on-year.

Operating profit increased 2.4 percent to Rs 1,948 crore but margin declined 130 basis points to 66.1 percent in the quarter gone by, which were higher than analysts’ expectations of Rs 1,780 crore and 62 percent, respectively. Royalty cost more than doubled to Rs 460.5 crore from Rs 225.55 crore during the same period.

NMDC cut iron ore lumps prices for February by Rs 450 to Rs 3,750 per tonne and iron ore fines prices by Rs 300 to Rs 2,760 per tonne.

The company declared second interim dividend at Rs 4.25 per share for the year 2014-15.

Leave a Reply

x

Check Also

Rupee recovers 6 paise to 67.01

The rupee today recovered some lost ground by rising 6 paise to ...

Notes ban to have positive impact on economy

NEW DELHI: The government’s demonetisation move has led to widespread adoption of ...