NMDC Ltd has reported a net profit of ₹1,453.77 crore for the fourth quarter ended March 31, 2019. This represents a 31 per cent increase over the net profit of ₹1,105.85 crore in the same quarter of the previous financial year.

But total income during the quarter under review fell from ₹4,053.16 crore to ₹3,839.40 crore.

“The Income-Tax Department had disallowed a reversal of ₹165 crore and there was a hit of ₹35 crore as a retrospective mine closure charge to the bottomline in the fourth quarter of financial year 2017-18. This reduced the expenditure in the quarter under review, boosting the bottomline,” a company statement said.

The company’s production of iron ore during the fourth quarter is 10.59 million tonnes (mt), registering a decrease of 7 per cent over the corresponding period last year while sales of iron ore were 10.17 mt, which is about 3 per cent less than that of the same period last year, a company statement said.

On a consolidated basis, in the financial year 2018-19, the total income was ₹12.741.63 crore as against ₹12,138.13 crore during the previous year.

For the NMDC Group, net profit for the financial year 2018-19 was ₹4,637.07 crore against ₹3,802.79 crore in the previous year.

The company’s exports of iron ore were down by 50 per cent during the the financial year. “Exports came down by 50 per cent because there was no sales agreement with Japan and South Korea. This has now been extended for three years and we expect normalcy to resume,” the official said.

The company has a capital expenditure target of around ₹3,000 crore in the coming financial year 2019-20, up from around ₹2,700 crore in the fiscal 2018-19, the official added.