OREANDA-NEWS. Even in the backdrop of tough and challenging economic environment, NMDC has posted a commendable performance for the first quarter of FY 2013-14.

NMDC has posted a turnover of Rs.2871 crore which is 1% higher than CPLY turnover of Rs 2840 crore. The Gross profit and net profit after tax during the first quarter of FY 2013-14 was Rs.2390 crore and Rs.1572 crore representing an improvement of 6% & 7% respectively over previous quarter.

The Company’s production of iron ore during the 1st quarter touched 6.92 million tones (MT) registering a growth of about 1% over CPLY while sales of iron ore were 7.25 MT which is almost 6% more than that of the corresponding quarter of previous year. PBT and PAT witnessed a drop of about 15% & 18% respectively during the quarter compared to CPLY. The drop in PBT and PAT is due to mainly decrease in selling price.

The 1st quarter results for 2013-14 were approved by the Board of Directors of the Company under the Chairmanship of Shri C.S. Verma, in its meeting held on 07.08.2013. On this occasion, the Board of NMDC commended the performance of the Company and hoped that it would further improve in the quarters to come. Speaking on the occasion, Shri C.S. Verma, CMD, NMDC, said: “In spite of the challenges and down trend in the steel sector, NMDC performance in this quarter is appreciable considering the Company’s focus has been to support the domestic steel industry”.