NMDC clocks 16% increase in net to 1,025 crore 

NMDC posts 16% YoY rise in Q2 net profit to ₹1,024.86 cr; income up 15% to ₹4,335.02 cr. H1 net profit up 16% to ₹2,685.90 cr; total income rises 17% to ₹10,023.89 cr. Iron ore production up 22% YoY to 19.56 MT, sales up 27% to 20.55 MT. CMD (Additional Charge) Amitava Mukherjee says initiatives are dovetailed with strategies for sustainable growth, increased profitability and stronger market presence.

State-owned NMDC reported an almost 16% year-on-year increase in consolidated net profit for the quarter ended September to ₹1,024.86 crore.

The higher net profit for the country’s largest iron ore producer came on a more than 15% increase in total income to ₹4,335.02 crore. During the quarter, iron ore production increased 25% to 8.86 million tonnes and sales 14% to 9.57 MT.

For the first half of the fiscal, the net profit was higher at ₹2,685.90 crore, while total income increased to ₹10,023.89 crore.

“NMDC registered stellar H1 and Q2 performance with remarkable growth and the figures give a fillip to our goal of achieving 50 MT by next fiscal. Our initiatives are dovetailed with our strategies for ensuring sustainable growth, increased profitability and a stronger market presence in the domestic industry,” CMD (Additional Charge) Amitava Mukherjee said.

Thrust on volumes and optimisation of operational efficiency is keeping the company in good stead to maintain its niche as a market leader amid dynamic market condition, he said.

For the half year ended September, iron ore production at 19.56 MT was an increase of 22% year on year, while sales went up 27% to 20.55 MT.