Trading giant MMTC reported 86% increase in net profit at INR 12 crore in the first quarter ended June 30, mainly on account of lower expenses and austerity measures adopted by the company. The net profit of the company was INR 6.47 crore during the same period last year.

A MMTC company official said that "The rise in profit is mainly on account of lower expenses (cost of material consumed, purchases of stock-in -trade and employee related expenditure).” He added that the austerity measures adopted by MMTC helped bring down expenses.

The state owned unit total expenses also declined to INR 5,329 crore for the quarter against INR 20,430 crore in the same period last year.

The increase in net profit came despite a 73% fall in its total income from operations which stood at INR 5,323 crore during the period under review.

Source - Press Trust of India

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