State-run Hindustan Copper (HCL) today reported a 57 per cent decline in net profit at Rs 7.41 crore for the quarter ended September 30.
The PSU, which is under the administrative control of Ministry of Mines, had recorded a net profit of Rs 17.21 crore in the July-September quarter of the previous fiscal.
Total income from operations dipped by 8 per cent to Rs 203.08 crore during the quarter as against Rs 220.80 crore in the year-ago period.
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Total expenditure during the quarter stood at Rs 213.06 crore as against Rs 221.24 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 2.63 per cent down at Rs 53.60 on BSE.
