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NMDC's fiscal Q1'20 profit surges YOY as iron ore sales climb

India's state-owned National Mineral Development Corp. Ltd. recorded a consolidated profit of 11.78 billion Indian rupees in the first fiscal quarter of 2020, ended June 30, compared to 9.74 billion rupees in the prior-year quarter.

Revenue from operations in the three months surged 35% year over year to 32.64 billion rupees on the back of higher iron ore sales. The iron ore segment's revenue climbed to 32.12 billion rupees in the quarter from 23.97 billion rupees in the first fiscal quarter of 2019.

The company's iron ore sales surged 28% on a yearly basis to 8.7 million tonnes, according to the Aug. 13 release. Consolidated expenses in the quarter climbed to 14.75 billion rupees from 10.72 billion rupees in the same year-ago period.

Iron ore production in the quarter jumped 21% year over year to 8.4 Mt.

As of Aug. 13, US$1 was equivalent to 70.93 Indian rupees.