Indian miner NMDC posts higher quarterly profit on strong prices
Feb 6 (Reuters) - Indian state-owned miner NMDC (NMDC.NS), opens new tab 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 (JSTL.NS), opens new tab, 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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