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NMDC net falls 31% at 1,347 cr
NMDC net falls 31% at 1,347 cr. Hit by lower sales of iron ore, public sector NMDC registered 31 per cent fall in net profit at Rs 1,347 crore for the fourth quarter ended on March 31, 2015, as against Rs 1, 962 crore net the mining major posted in the corresponding period a year ago.
Q4 results
Hyderabad: Hit by lower sales of iron ore, public sector NMDC registered 31 per cent fall in net profit at Rs 1,347 crore for the fourth quarter ended on March 31, 2015, as against Rs 1, 962 crore net the mining major posted in the corresponding period a year ago.
The total income fell 27 per cent to Rs 2,829 crore during the quarter under review from Rs 3,885 crore in the same quarter a year ago. The net sales from iron ore during January-March, 2015 period were at Rs 2,799 crore compared with Rs 3,840 crore during the reported quarter.
For the entire 2014-15 financial year, NMDC record a net profit of Rs 6,422 crore, a marginal increase from Rs 6,420 crore in the previous fiscal. It clocked highest over turnover of Rs 12,356 crore, a growth of 2 per cent from Rs 12,058 crore during 2013-14.
The mining major also achieved record iron ore production of 30.44 million tonne, an increase of one per cent from 30.02 MT a year ago. The capital expenditure for 2014-15 stood at Rs 3,136 crore, an upswing of 25 per cent from Rs 2,518 crore a year ago.
“In spite of low demand for steel, NMDC could maintain its production and sales levels at above 30 MT mainly due to sustained and collaborative efforts of all disciplines. I am sure NMDC would become a global mining giant in the years to come,” said Narendra Kothari, Chairman, NMDC.
On the future plans, he said the company would commission pellet plant at Donimalai and open Kumaraswamy Iron Ore Mine in Karnataka. Meanwhile, the company declared dividend of 855 per cent or Rs 7.25 per Re 1 share for 2014-15 against 850 per cent in the previous fiscal.
ONGC net profit dips 19.5%
New Delhi : State-owned ONGC on Thursday reported 19.5 per cent dip in net profit to Rs 3,935 crore for the quarter ended March 31, 2015, mainly due to higher operating cost and write-off on dry wells drilled. The net profit of ONGC in January-March was lower than Rs 4,889 crore in the January-March period of the previous fiscal, 2013-14, ONGC CMD Dinesh K Sarraf told reporters.
While the company realised $55.63 for every barrel of oil produced as compared to $44.87 per barrel in the fourth quarter of the previous fiscal, operating cost was increased by Rs 1,278 crore, impacting the profit. The company wrote off Rs 291 crore of exploration expense for drilling wells that did not result in any discovery. Besides, revenue from value added products (VAP) was down 35 per cent to Rs 1,866 crore.
For the full 2014-15 fiscal, the company wrote off about Rs 10,000 crore, of which Rs 2,700 crore was on account of dry wells, Sarraf said. Sarraf said the company was exempt from paying any fuel subsidy in the fourth quarter of 2014-15 and will also not be required to pay any in the first quarter of current fiscal.
