OREANDA-NEWS. August 20, 2012. Scripting yet another record performance, NMDC has posted a turnover of Rs.2,840 crore, gross profit of Rs.2,821 crore and net profit after tax of Rs.1,906 crore in the first quarter of 2012-13 representing an improvement of 2% in turnover, 6% in gross profit and 6% in net profit after tax over corresponding period last year (CPLY).

The Company’s production of iron ore during the 1st quarter touched 6.9 million tonnes (MT) registering a growth of 12% over CPLY while sales of iron ore were 6.2 MT which is almost at par with that of the corresponding quarter of previous year.

The EPS is at Rs.4.81 per share for the quarter ended 30th June 2012 in comparison to that of Rs.4.54 per share for the quarter ended 30th June 2011 (not annualized).

NMDC has achieved better financial performance also in comparison to 4th quarter 2011 -12 with a growth of almost 9% in turnover and 16% in both PBT and PAT.

The installation of 3 MTPA steel plant at Nagarnar in Chhattisgarh, as part of NMDC’s forward integration programme and value addition, is being pursued vigorously. Orders for major packages worth Rs. 12,842 cr. have already been placed while other auxiliary packages are in advanced stages of finalisation.

For the year 2012-13, capital expenditure of Rs.4656 crore is planned to be incurred including Rs.1200 crore for overseas acquisitions.

As part of its expansion programme, NMDC is developing two new mines at an indicative cost of about Rs. 1500 cr., 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, orders have already been placed for setting up of 1.2 MTPA capacity Pelletisation plant in Karnataka.

The 1st quarter results for 2012-13 were approved by the Board of Directors of the Company under the Chairmanship of Shri C.S. Verma, in its meeting held on 13.08.2012. On this occasion, the Board of NMDC commended the performance of the Company and hoped that all its stakeholders including shareholders, employees, customers and Government would continue their support.

Speaking on the occasion, Shri C.S. Verma, CMD, NMDC, said: "NMDC is well on track on the growth path and would play a vital role in the mining and metals sector in the near future. NMDC would be recognized not only as an iron ore mining major but also as a key enabler of the steel and infrastructure industry. The thrust to increase iron ore production would always be there on NMDC to meet the domestic demands of the steel manufacturers and simultaneously to cater to its own steel plant. Let us gear up to meet the challenges and tread on the path of success”.