OREANDA-NEWS. August 1, 2011. The un-audited financial results of the 1st quarter of 2011-12 approved by the Board of Directors of the Company in its meeting held on 28.07.2011 reveal substantial improvement in performance of the Company. The Company’s production and sales of iron ore during the 1st quarter touched 61.62 lakh tonnes and 68.67 lakh tonnes respectively which represent about 7% improvement in both production and sales over that of the corresponding quarter of previous year.

In addition to achieving better physical performance, the Company has posted a turnover of Rs.2,783 crore, gross profit of Rs.2,663 crore and net profit after tax of Rs.1,801 crore in the first quarter of 2011-12 against turnover of Rs.2,518 crore, gross profit of Rs.2,249 crore and net profit after tax of Rs.1,504 crore representing an improvement of 11% in turnover, 18% in gross profit and 20% in net profit after tax in comparison to first quarter of 2010-11. The net sales for this quarter are the best since inception. This has been possible due to better evacuation and further broadening of customer base.

The company has been pursuing all its expansion programmes and NMDC as part of its forward integration programme and value addition is setting up a 3 MTPA steel plant at Nagarnar in Chhattisgarh, for which major packages are being finalized and awarded.

As part of its expansion programme, NMDC has plans to open two new mines, one in Bailadila Sector in Chhattisgarh i.e. Deposit-11B Iron Ore Project and the other in Bellary-Hospet region in Karnataka i.e. Kumaraswamy Iron Ore Mine. Besides opening of these two mines NMDC has already placed the orders for setting up of 1.2 MTPA capacity Pelletisation plant in Karnataka.

Recently NMDC signed the contract for setting up the country’s largest blast furnace of 4506 cubic metre for its 3 MTPA steel plant with Tata Projects Limited, Danieli Corus, Netherland and Danieli Corus.

NMDC has been pursuing all its CSR activities which are dedicated for the well being and improving the quality of life of the people in and around NMDC projects at large. The first batch of 100 plus students from NMDC’s Residential English Medium School at Nagarnar, Chhattisgarh has completed their first year in school. Their performance proves over again that talent is almost evenly distributed in all sections of society and once nurtured they can flourish anywhere.

Recently NMDC received SCOPE meritorious award for CSR and Responsiveness for the year 2009-10 for working in the areas of education, health & Medicare, infrastructure development, integrated development of villages, skill development for sustainable income generation and livelihood, environment protection, etc.