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NMDC records 49% profit increase YOY for fiscal Q3'18

National Mineral Development Corp. Ltd. recorded a stand-alone profit of 8.87 billion Indian rupees for its fiscal third quarter ended Dec. 31, 2017, increasing 49% year over year from 5.95 billion rupees.

EPS for the quarter nearly doubled on an annual basis to 2.80 rupees from 1.84 rupees.

Revenue from operations decreased year over year to 24.69 billion rupees from 24.98 billion rupees, according to the unaudited financial statement released Feb. 13.

NMDC produced 8.6 million tonnes of iron ore during the quarter, a 12% increase year on year, while sales decreased 20% to 8.1 million tonnes.

The Indian state-owned company noted a disruption in the railway line of its Bailadila sector from early October to mid-December 2017. The Bailadila mines form part of its Chattisgarh Group operations.

NMDC, which produced 24.2 million tonnes of iron ore in the first nine months of its fiscal 2018, aims to increase its mining capacity to about 67 million tonnes by 2022.

As of Feb. 14, US$1 was equivalent to 64.07 Indian rupees.