Ved Prakash, CMD, MMTC in an interview to CNBC-TV18 spoke about the outlook for the company going forward.
Below is the transcript of Ved Prakash's interview with Sumaira Abidi and Reema Tendulkar on CNBC-TV18.
Reema: Could you give us some details on the current quantity and value of iron ore that you will export and compare it with the iron ore export contract?
A: The current order quantity is 3.8 million tonne. Japan is 3 million tonne, Korea is 0.8 million tonne. This agreement will be for three years. MMTC has been having this agreement for the last 50 years of supplying iron ore and the quantities remain as it was of last year. The value of this quantity will be about Rs 1,500 crore per annum.
Sumaira: Hasn't there been any incrementally new orders. Is this what is going to continue as was last year?
A: Not yet. For the time being it is 3.8 million tonne but we are awaiting the details from the chief minister, which should come to us during this week.
Reema: Traditionally, what are the margins you receive in these iron ore export orders?
A: Margins are about 2.8 percent of value.
Sumaira: Could you give us an update on the contracted imports for Coal India?
A: Coal India has confirmed 0.8 million tonne for next two quarters. For FY16-17 we have not yet obtained the quantities, so for these quantities we have issued the tenders, we are in the process of finalising these orders. Coal India initially had indicated 5 million tonne but when they receive the exact quantities quarter wise from different power utilities, so far for the next quarters we have got orders of about 48 million tonne.
Reema: When can we expect the company return back to profitability?
A: For this financial year we hope to do gold of about 50 metric tonne and that should be value of about Rs 15,000 crore, in fact if the current trend continues, we may even do Rs 20,000 crore gold. Silver is also a major item of import for MMTC. So both put together we should be between Rs 15,000 crore to Rs 20,000 crore.
Source: moneycontrol.com
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