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Iron ore mining major NMDC Ltd has registered steep drop in its net profit and revenues during the second quarter ended September 30, 2015.
The company has attributed this drop to poor demand for iron ore from steel plants.
The state-owned company’s net profit was down to ₹810.24 crore for the second quarter against ₹1566.75 crore for the corresponding quarter.
The total income for the second quarter was also down to ₹1602.23 crore against ₹3105.05 crore for the corresponding period last year.
Last fiscal ended March 31, 2015, the company had closed with a net profit of ₹6421.86 crore and total income of ₹12,356.41 crore.
As per the Gazette notification dated September 17, 2015, under the Mines and Minerals (Development and Regulation) Amendment Act, 2015, the company had to pay 30 per cent of royalty towards District Mineral Foundation (DMF) and two per cent of royalty towards National Mineral Exploration Trust (NMET) with effect from January 12, 2015.
Accordingly, ₹135.96 crore payable to the Government towards DMF and NMET for the current period has been accounted for under royalty and other levies. This is recoverable from customers.
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