State-run Hindustan Copper Ltd (HCL) today reported 10 per cent increase in its net profit at Rs 14.57 crore for the April-June quarter of current fiscal.
The PSU, which is under the administrative control of Ministry of Mines, had recorded a net profit of Rs 13.20 crore in the first quarter of the previous fiscal.
Its net sales dipped by 20 per cent to Rs 234.48 crore during the quarter under review as against Rs 293.34 crore in the year-ago quarter.
Total expenditure during the quarter declined by 23.85 per cent to Rs 298.96 crore as against Rs 227.65 crore in the same quarter of the previous year.
HCL has the distinction of being the nation's only vertically integrated copper producing company as it manufactures copper right from the stage of mining to beneficiation, smelting, refining and casting of refined copper metal into downstream saleable products.
The company markets copper cathodes, copper wire bars, continuous cast copper rods and by-products, such as anode slime, copper sulphate and sulphuric acid.
More than 90 per cent of the sales revenue comes from cathode and continuous cast copper rods.
HCL's mines and plants are spread across four operating units in four states.
Its Khetri Copper Complex (KCC) is at Khetrinagar, Rajasthan, Indian Copper Complex (ICC) at Ghatsila, Jharkhand, Malanjkhand Copper Project (MCP) at Malanjkhand, Madhya Pradesh and Taloja Copper Project (TCP) at Taloja, Maharashtra.
The company's shares ended 3.12 per cent down at Rs 62.10 apiece on the BSE.
