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NMDC books slight YOY increase in fiscal Q1'19 profit

National Mineral Development Corp. Ltd., or NMDC, said Aug. 8 that its net profit in the first quarter of its fiscal 2019 reached 9.75 billion Indian rupees, up 1% year over year.

The company's revenue slipped about 15% on a yearly basis to 24.22 billion rupees.

Iron ore production in the quarter reached 6.98 million tonnes, while sales totaled 6.78 million tonnes.

The Indian state-owned miner aims to lift its iron ore output to between 43 million and 45 million tonnes in fiscal 2019 and plans to boost its mining capacity to about 67 million tonnes by fiscal 2022. It produced 35.6 million tonnes of iron ore in fiscal 2018.

As of Aug. 8, US$1 was equivalent to 68.66 Indian rupees.