NMDC profit soars 499% in Q1

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August 13, 2021 2:45 AM

Buoyed by higher sales and high prices of the steel-making raw material, NMDC’s turnover rose by 236% to Rs 6,512 crore during the reporting quarter from Rs 1,938 crore a year earlier.

NMDC sold 9.45 million tonne (MT) iron ore during the quarter, up 51% over the April-June quarter of the last fiscal. Production grew by 35% to 8.91 MT.NMDC sold 9.45 million tonne (MT) iron ore during the quarter, up 51% over the April-June quarter of the last fiscal. Production grew by 35% to 8.91 MT.

State-owned iron ore miner NMDC on Thursday reported a 499% increase in profit after tax (PAT) for the April-June quarter of the current fiscal at Rs 3,193 crore as against Rs 533 crore in the same quarter last fiscal, thanks largely to a very low base.

Buoyed by higher sales and high prices of the steel-making raw material, NMDC’s turnover rose by 236% to Rs 6,512 crore during the reporting quarter from Rs 1,938 crore a year earlier.

“This excellent performance, achieved on the back of robust domestic demand and peaking of international iron ore prices, makes this the best Q1 for NMDC since the company’s inception,” the company said in a statement.

NMDC sold 9.45 million tonne (MT) iron ore during the quarter, up 51% over the April-June quarter of the last fiscal. Production grew by 35% to 8.91 MT.

“Indian steel majors [are] reporting strong results and also announced expansion plans. That combined with the government’s determination to continue spending on infrastructure projects while we return to normalcy is extremely encouraging for us at NMDC,” the company’s CMD Sumit Deb said.

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