NMDC has registered a 30 per cent drop in net profit at Rs.1,293 crore during the third quarter ended December 31, 2012, due to lower production and subdued market conditions resulting in low offtake by steel makers.
The net profit in the year-ago period was Rs.1,859 crore.
Turnover saw a decline of 27 per cent at Rs.2.048 crore against Rs.2,822 crore.
Announcing the results after a meeting of the board, NMDC Chairman and Managing Director C. S. Verma said 80 per cent of production at Bailadila mines was hit due to heavy rains. This shortfall was, however, set to be bridged to a large extent as NMDC recorded the highest-ever monthly production of three million tonnes during January and the same trend was expected to continue this month.
During the nine months ended December 31, 2012, the turnover was Rs.7,500 crore against Rs.8,667 crore in financial year 2012. The company had announced a second interim dividend of 100 per cent during the quarter compared to 200 per cent interim dividend announced in the past.
Coal India Ltd. (CIL) closed the third quarter ended December 31, 2012, with a 9 per cent increase in net profit to Rs.4,395 crore.
Riding on the back of improved production and offtake, sales increased to Rs.17,325 crore from Rs.15,349 crore in the year-ago period. E-auction sales declined by 8.7 per cent to 10.5 million tonnes. Revenues too dipped to Rs.3,082.4 crore from Rs.3,274 crore, Chairman S. Narsing Rao said. He said that in the nine-month period ending December 2012, production increased by 6.1 per cent to 308.9 million tonnes and offtake by 8.1 per cent to 335.2 million tonnes.
Indian Oil Corporation (IOC) reported a 34 per cent rise in its third quarter net profit on the back of higher refinery margins and government cash dole offsetting losses on fuel sales. The net profit for the October-December 2012 quarter climbed to Rs.3,331.96 crore, from Rs.2,488.44 crore from the year-ago period.
The firm earned $6.15 on turning every barrel of crude oil into fuel in the quarter as compared to $5.15 a barrel gross refining margin in the year ago period, IOC Chairman R. S. Butola told reporters here.
The company is losing Rs.9.22 a litre on diesel, Rs.31.61 a litre on kerosene and Rs.481 per 14.2-kg domestic LPG cylinder.
IOC, he said, had a revenue loss of Rs.67,123 crore in the first nine months of the current fiscal. Of this, the government has so far sanctioned Rs.29,568.53 crore as cash subsidy.
Orchid Pharma reported a lower revenue of Rs. 322 crore in the third quarter ended December 31,2012, against Rs. 496.80 crore in the same period in the previous year. It registered a loss before tax of Rs. 88.70 crore against profit of Rs. 41.10 crore in the year-ago period. At the net level, the loss (after exceptional item loss of Rs. 5.6 crore) was sharply higher Rs 74.7 crore as compared to a loss of Rs. 11.06 crore.
“The overall performance of the company continues to witness pressure due to the tight working capital levels and debt leverage. We are working on completing the transfer of our Penicillin and Carbapenem business to Hospira and will see a significantly deleveraged position from the deal proceeds leading to improved performance in the quarters to come”, said K. Raghavendra Rao, Chairman and Managing Director of the company.
Ramco Systems reported a flat growth in turnover at Rs. 68.25 crore, in the third quarter ended December 31, 2012, against Rs. 68.07 crore in the same period in the previous year. It suffered a net loss of Rs. 6.95 crore against a profit of Rs. 1.42 crore in the year-ago period. .”
Eicher Motors has recommended a dividend of Rs. 20 per share of 10 each (200 %). The group has posted a net profit of Rs. 144.76 crore for the year ended December 31, 2012 as compared to Rs. 124.55 crore in the previous year. Total income has risen to Rs. 1,095.04 crore from Rs. 748.23 crore.
For the quarter ended December 31, 2012, the net profit after tax was lower at Rs. 34.16 crore against Rs. 62.92 crore in the same period in the previous year. Total income rose to Rs. 307.25 crore from Rs. 228.10 crore.