State-owned iron ore producer NMDC's total income from operations during the fourth quarter of FY13 rose by 23.46 per cent to Rs 3,204.25 crore from Rs 2,594.58 crore in the corresponding quarter of 2011-12.
Announcing the company's annual financials as well as Q4 results for FY13, Chairman C S Verma said that NMDC's expenses more than doubled to Rs 1,493.13 crore from Rs 652.85 crore in the corresponding quarter a year-ago.
The company achieved a record production and sales of iron ore for January-March period of 2012-13 at 9.57 million tonnes and 8.24 million tonnes respectively.
"This was accomplished in spite of the slurry pipeline not being available at all for evacuation," he added.
Verma further said that "with the increase of demand of iron ore from the domestic steel industry, NMDC collective would be committed to producing 48 MT iron ore by 2014-15".
However there was a 10.79 per cent dip in its net profit at Rs 1,464.95 crore for the fourth quarter ended March 31, 2013 though production reached record levels and sales improved. This, Verma said was due to a fall in average sales price of iron ore as well as 10 per cent provisioning of sales proceeds from category 'C' iron ore mines in Karnataka in a special purpose vehicle (SPV) set up for various mitigative measures to be undertaken in Karnataka's three districts of Bellary, Chitradurga and Tumkur, from where the Supreme Court last month had lifted the ban on iron ore mining.