NMDC net profit dips 5.6% to Rs 771 crore

State-owned miner NMDC has reported a 5.63% decline in net profit at Rs 771 crore in the quarter ending in September FY 2017 as against Rs 817 crore in the corresponding quarter last year.

The decline was mainly due to the increase in selling expenses including freight outs to Rs 127 crore during Q2 FY17 from Rs 19 crore in the same quarter last year. Also, the adjustment for changes in inventories for finished goods and work-in-progress had a negative impact on the profit.

However, the company has seen a growth of 8.5% in revenues during the review period from Rs 1,603 crore to Rs 1,739 crore, which includes Rs 1,706 crore from the iron ore segment alone.