NMDC's Q2 net declines 6 per cent to Rs 771 crore

NEW DELHI: Iron ore miner NMDC today reported 6 per cent drop in standalone net profit to Rs 770.76 crore for the September quarter of the current fiscal.

The state-run firm had posted net profit of Rs 816.65 crore in the July-September period of last fiscal.

In a BSE filing, the company said its total standalone income rose by 9 per cent to Rs 1,739.15 crore in the quarter under review, as against Rs 1,603.06 crore in the same period of 2015-16.

Its total expenses rose to Rs 967.74 crore in the second quarter of 2016-17, from Rs 751.88 crore a year ago.

NMDC said on June 7, 2016 its Board approved a buyback of 80.08 lakh shares at Rs 94 per share for an aggregate consideration of Rs 7,527.76 crore.

The buyback offer closed on September 30, 2016 and provision for liability in respect of the consideration for the offer has been accounted in the current quarter (July-September) adjusting the other equity, it added.

The process of buyback was completed on October 10, the country's largest iron ore miner said.