NMDC shows private firms the way, ups Q1 net 22%
13 Aug 2014 6:37 AM IST
The country's largest producer of the steel-making raw material had clocked Rs 1,572.19 crore net profit in the same quarter last fiscal, it said in a release.
Helped by higher sales, total income of the company rose to Rs 3,476.73 crore during Q1, 2014-15 from Rs 2,870.62 crore in the first quarter of last fiscal. NMDC sold 85.85 lakh tonnes of iron ore in the April-June quarter of this fisal. It had raised the price of lump or superior variety of the raw material in June by Rs 300 per tonne after reducing it in May by Rs 200 a tonne from the April price of Rs 4,500 per tonne.
NMDC also raised the price of fines, which has low iron content, by Rs 250 per tonne in June after maintaining price both in April and May at Rs 2,910 a tonne.
The higher price led to higher net sales realisation and boosted its profit for the quarter, a company
official said.
Total expenses of the company, which is also entering into steel-making, during the April-June quarter also rose to Rs 1,114.63 crore from Rs 1,001.79 crore a year ago.
Tax expenses too went up to Rs 988.91 crore from Rs 817.55 crore a year ago.
Meanwhile, India’s steel consumption in the first four months of the current financial year grew by just 0.6 per cent to 25.72 million tonnes. The country, where around 70 per cent of the steel demand comes from the construction sector, had consumed 25.57 MT steel during the April-July period of last year, data prepared by Joint Plant Committee showed.
JPC, a unit under the Steel Ministry, said the domestic consumption of steel during July was at 6.9 MT, an increase of 0.3 per cent over the same month last year. Production of crude steel during the period rose by 0.9 per cent to 27.39 million tonnes compared to 27.15 million tonnes a year ago, JPC data showed. Major producers such as SAIL and Tata Steel contributed nearly 15 million tonnes to the total production while mini and other producers did the remaining.
‘In July 2014, the overall crude steel production (6.861 MT) grew by 0.2 per cent compared to July 2013,’ JPC said.
Export of total finished steel was up by 29.6 per cent in the four-month period to 1.84 million tonnes over 1.42 MT during the same period a year earlier. In July alone, exports were up by 43.9 per cent to 0.413 MT.
Imports, on the other hand, rose by 20.5 per cent to 2.12 MT during April-July over 1.83 MT in the same period last year.
India had consumed 73.93 MT steel in the last fiscal (2013-14) reporting a 0.6 per cent rise over the previous fiscal. Crude steel production crossed 81 MT, up 3.8 per cent over 2012-13.
Helped by higher sales, total income of the company rose to Rs 3,476.73 crore during Q1, 2014-15 from Rs 2,870.62 crore in the first quarter of last fiscal. NMDC sold 85.85 lakh tonnes of iron ore in the April-June quarter of this fisal. It had raised the price of lump or superior variety of the raw material in June by Rs 300 per tonne after reducing it in May by Rs 200 a tonne from the April price of Rs 4,500 per tonne.
NMDC also raised the price of fines, which has low iron content, by Rs 250 per tonne in June after maintaining price both in April and May at Rs 2,910 a tonne.
The higher price led to higher net sales realisation and boosted its profit for the quarter, a company
official said.
Total expenses of the company, which is also entering into steel-making, during the April-June quarter also rose to Rs 1,114.63 crore from Rs 1,001.79 crore a year ago.
Tax expenses too went up to Rs 988.91 crore from Rs 817.55 crore a year ago.
Meanwhile, India’s steel consumption in the first four months of the current financial year grew by just 0.6 per cent to 25.72 million tonnes. The country, where around 70 per cent of the steel demand comes from the construction sector, had consumed 25.57 MT steel during the April-July period of last year, data prepared by Joint Plant Committee showed.
JPC, a unit under the Steel Ministry, said the domestic consumption of steel during July was at 6.9 MT, an increase of 0.3 per cent over the same month last year. Production of crude steel during the period rose by 0.9 per cent to 27.39 million tonnes compared to 27.15 million tonnes a year ago, JPC data showed. Major producers such as SAIL and Tata Steel contributed nearly 15 million tonnes to the total production while mini and other producers did the remaining.
‘In July 2014, the overall crude steel production (6.861 MT) grew by 0.2 per cent compared to July 2013,’ JPC said.
Export of total finished steel was up by 29.6 per cent in the four-month period to 1.84 million tonnes over 1.42 MT during the same period a year earlier. In July alone, exports were up by 43.9 per cent to 0.413 MT.
Imports, on the other hand, rose by 20.5 per cent to 2.12 MT during April-July over 1.83 MT in the same period last year.
India had consumed 73.93 MT steel in the last fiscal (2013-14) reporting a 0.6 per cent rise over the previous fiscal. Crude steel production crossed 81 MT, up 3.8 per cent over 2012-13.
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