Indian state owned iron ore miner NMDC today reported a 22.45% growth in net profit to INR 1,858.81 crore for the quarter ended December 31st 2011, largely due to higher realization from the sale of iron ore.

The company had reported a net profit of INR 1,518.03 crore for the corresponding quarter of 2010-11.

Net sales of the company stood at INR 2,821.95 crore during the quarter, a 7.68% increase from INR 2,621.22 crore in Q3 last fiscal.

The company expects to achieve a growth of about 8% in iron ore production to about 27 million tonne during the current fiscal. During the first nine months of the current fiscal, it produced about 20 million tonnes of iron ore.

On the sales front, the company sold about 7 million tonnes of iron ore during the quarter. However, realization was higher due to the Supreme Court mandated E auction of iron ore in Karnataka, where it operates two mines and is only company authorized by the apex court to mine ore in the state.

(Sourced fro PTI)