NMDC posts 13% increase in Q1 net, revenue
The Hindu
India’s largest iron ore producer NMDC reported consolidated net profit increased nearly 13% in the June quarter to ₹1,661.04 crore compared to ₹1,471.24 crore in the year-earlier period on the back of record production and sales.
India’s largest iron ore producer NMDC reported consolidated net profit increased nearly 13% in the June quarter to ₹1,661.04 crore compared to ₹1,471.24 crore in the year-earlier period on the back of record production and sales.
The higher net profit came on a more than 13% increase in the revenue from operations at ₹5,394.66 crore (₹4,767.07 crore). During the quarter, the company produced 10.7 million tonnes and sold 10.98 MT of iron ore, an increase of 20% and 41% respectively over the year-earlier period. This was highest-ever Q1 production and sales since inception, the company said.
“Our investments in process efficiency and digital planning have led to these path-breaking results and we are driven to outperform ourselves each quarter. We aspire to achieve a production of 50 MT in FY24,” CMD (additional charge) Amitava Mukherjee said.
On a standalone basis, NMDC’s net profit increased 12% to ₹1,649.91 crore (₹1,473.03 crore), while revenue from operations at ₹5,394.66 crore (₹4,767.07 crore) rose more than 13%.
“With the Government of India’s impetus to infrastructure and an increase in the demand for iron ore, NMDC continues to build mineral accountability with a consistent supply of iron ore for the nation,” Mr. Mukherjee said in a release. On BSE, the company’s shares closed unchanged at ₹113.70 on Friday.
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