NMDC net up 20% at Rs 1,801 cr

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NMDC net up 20% at Rs 1,801 cr

State-owned iron-ore maker NMDC today reported 20% jump in its net profit for the quarter ended June 30, 2011 at Rs 1,801.15 crore.

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State-owned iron-ore maker NMDC today reported 20% jump in its net profit for the quarter ended June 30, 2011 at Rs 1,801.15 crore.

The company had posted a net profit of Rs 1,504.04 crore during the corresponding period of the previous financial year (2010-11), NMDC said in a statement on the National Stock Exchange.

The income from operations of the company soared over 10% at Rs 2782.61 crore from Rs 2517.99 crore in the same period of the last financial year.

The company recently reported about 7 per cent rise in its production at 6.1 million tonnes (MT) during the April-June quarter on the back of improved logistics and better weather conditions.

The company had produced 5.7 MT of iron ore in the corresponding quarter of 2010-11. 

The public sector firm which supplies nearly 90 per cent of its output to domestic steel companies like JSW Steel , Essar Steel , and Rashtriya Ispat Nigam , had produced 25.19 MT of iron ore in 2010-11, while its sales were at 26.33 MT.

Shares of the company closed at Rs 246.35, down 2.09% on the NSE.