Indian miner NMDC posts higher quarterly profit on strong prices
Indian state-owned miner NMDC reported a higher third-quarter profit on Thursday, aided by price hikes during the period.
The iron ore miner reported a 30% year-on-year rise in profit to 19.44 billion rupees ($222 million) for the October-December quarter.
NMDC increased the prices of iron ore twice during the quarter, resulting in an average price of 4,377 rupees per tonne, up nearly 17% on-year, according to data from JM Financial Institutional Securities.
Last month, JSW Steel, which primarily procures iron ore from NMDC, said that escalating prices of iron ore have partially offset a decline in costs due to falling coking coal prices.
NMDC's revenue from operations rose 21% to 65.31 billion rupees in the third quarter.
($1 = 87.5280 Indian rupees)
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