Iron ore miner NMDC today reported a nearly 15% decline in its net profit at Rs 1,678.62 crore for the quarter ended September 30, 2012, largely due to lower production and fall in sales.
The Hyderabad-based firm had reported a net profit of Rs 1,963.15 crore during the corresponding quarter in the previous fiscal.
Net sales of the company declined by 14.71% to Rs 2,611.84 crore due to nearly 15% fall in its iron ore sales, the company said in a filing to the BSE.
The iron ore miner had reported a net sales of Rs 3,062.32 crore during the corresponding quarter of FY'12.
Besides, its total expenditure also rose by about 8% to Rs 710.28 crore during the July-September period, while its tax outgo declined by 14.49% to Rs 806.16 crore.
The company, which is sitting on a cash reserves of Rs 22,516 crore as on September 30, 2012, reported over 16% increase in its Rs 583 crore other income (largely interest earned on the deposits).
Last month, the company had said its iron ore production was down by about 23% at 5.38 million tonnes during the July-September quarter due to heavy rains and evacuation related issues in Chhattisgarh, where its mainstay Bailadila mines are located.
For the half year ended September 30, 2012, the company reported a decline of nearly 5% in its net profit to Rs 3,584.62 crore, while its net sales was down nearly 7% to Rs 5,449.74 crore.
NMDC shares closed today at Rs 182.30 apiece on the BSE, down 2.07% from their previous close.
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