New Delhi, Jun 16 (PTI) State-owned miner NMDC on Tuesday reported over 76 per cent decline in consolidated net profit at Rs 347 crore for the quarter ended March 31, mainly on account of reduced income and higher expenses.
The company had posted a net profit of Rs 1,451.81 crore in the year-ago quarter, NMDC said in a filing to the BSE.
Total income during the March quarter declined to Rs 3,320.95 crore from Rs 3,839.52 crore in January-March 2019, it said.
Total expenses increased to Rs 1,745.96 crore during the quarter under review from Rs 1,642.73 crore in the year-ago period.
In a separate statement, the company said it produced 9.47 million tonnes (MT) of iron ore in January-March quarter of 2019-20 fiscal year, while sales stood at 8.62 MT during the same period.
For fiscal year 2019-20, NMDC said it produced 31.49 MT iron ore and sold 31.51 MT as against production of 32.36 MT and sale of 32.36 MT iron ore during the preceding fiscal year.
During 2019-20, NMDC said its revenue stood at Rs 11,699 crore as against Rs 12,153 crore in 2018-19.
On the impact of COVID-19 pandemic on its business, the company said, “There has been a loss of around 10 lakh tonne (LT) of production and 5.50 LT of sales in March 2020. This has resulted in an estimated loss in sales revenue of Rs 220 crore and (profit before tax) PBT of Rs 120 crore.” PTI ABI