Indian state-owned miner National Mineral Development Corporation (NMDC) has announced its financial results for the financial year 2013-14 ended March 31, posting a net profit of INR 64.2 billion ($1.08 billion), increasing by 1.23 percent compared to the previous financial year. Sales revenues in the given period amounted to INR 120.5 billion ($2.03 billion), up 12.6 percent year on year, mainly due to growth of 4.23 million mt in sales volume.
During the financial year 2013-14, NMDC stated that it achieved an all-time high iron ore production of 30.02 million mt and iron ore sales of 30.5 million mt, rising 10 percent and 16 percent respectively, both year on year.
"Though NMDC is producing around 22 percent of India's iron ore production, it would be our endeavor to touch 50 percent of the country's iron ore production in the near future," said NMDC chairman Mr. Narendra Kothari.
NMDC plans a capital expenditure of INR 34.95 billion ($591.2 million) in the current financial year, compared to INR 25.18 billion ($425.9 million) during the financial year 2013-14.