IndiaCSR News Network
MUMBAI: The mineral producer has reported a 18.4 percent (year-on-year) growth in second quarter net profit at Rs 1,566.8 crore led by strong operational performance and revenue.
Narendra Kothari, CMD, NMDC is confident of FY15 being far better than FY14 on back of strong volumes. The company has cut its iron ore lump prices by Rs 200 per tonne for November but will maintain iron ore fine prices at the current level because of good local demand, he added.
Narendra Kothari said that the NMDC also expects to maintain employee costs at Rs 200 crore per quarter. The mineral producer has reported a 18.4 percent (year-on-year) growth in second quarter net profit at Rs 1,566.8 crore led by strong operational performance and revenue but was impacted by exceptional loss of Rs 112.2 crore. Profit in the year-ago period was Rs 1,318.4 crore. On the royalty front, he said higher royalties will be passed through to the consumers.
Narendra Kothari said, “The company targets to spend Rs 250 crore towards corporate social responsibility (CSR) in FY15. On CSR, upto September we had done Rs 17.60 crore. Now we are going to do more to about Rs 250 crore CSR expenditure in this financial year. We have no restrictions for CSR.”
“For CSR we have budget of Rs 250 crore which we are spending in all the areas including Swatch Bharat Abhiyan, education, expenses towards medical health, towards drinking water, towards skill development. So more than Rs 200 crore we will do in second half of the year.”, he added. (Source: MoneyControl.com)