NMDC net falls 59% in Q3 on lower sales realisation

KOLKATA: NMDC, the country’s largest state owned mining company has recorded a 59% drop in profit after tax ( PAT) of Rs 655 crore in the 3rd quarter of 2015-16, driven by fall in selling price of iron ore which also pushed NMDC’s turnover down by 49% to Rs 1,517 crore during the quarter under review. The company posted a profit before tax (PBT) of Rs 1,011 crore in Q3 FY16, a 58% drop over the same period last year.

NMDC reported a PAT of Rs 2,475 crore representing a 51% drop over the same period last year. The company’s turnover up to nine months for 2015-16 was Rs 4,926, which was 48% lower than the previous corresponding period. The company’s Q3 results for 2015-16 were approved by the company’s board under the chairmanship of Bharathi S Sihag in its meeting February 12, 2016.

NMDC’s production of iron ore during the 3rd quarter was 7.36 million tonnes (MT), registering a fall of 9% over the previous corresponding period, while sales of iron ore was 7.22 MT which is about 4% higher over same period last year. Production of iron ore for nine months of 2015-16 was 19.79 million tonne registering a fall of 12% over previous corresponding period, while sales of iron ore was 20.33 mt, 11% lower than the previous corresponding period.