State-owned miner NMDC on Friday reported 34 per cent rise in standalone net profit to Rs1,962 crore for the quarter ended March 31, 2014, on the back of record production and sales.
The company's net profit in the corresponding quarter of FY13 was Rs1,465crore.
Total income from operations during the quarter was at Rs3,884 crore, registering an increase of 21per cent over Rs3,204crore in the year-ago period.
The mining company achieved record production and sales of iron ore during the quarter at 9.86 million ton and 9.4 million ton, respectively said NMDC CMD Narendra Kothari. For full FY2014, net profit increased to Rs 6,420 crore against Rs6,342 in FY13. The turnover stood at Rs12,058 crore in FY14 against Rs10,704 crore in FY13.
"We have for the first time this year crossed 30 million tons (MT) production and sales. The production and sales of iron ore during the last financial year stood at 30.02 MT and 30.50 MT respectively," Kothari said.
The PSU aims to achieve 31 MT of production and 32 MT of sales this year, he added.