2 months ago
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India’s largest iron ore producer NMDC reported standalone net profit for the quarter ended December increased 68% year-on-year to ₹1,492 crore as revenue from operations rose more than 45% to nearly ₹5,410 crore.
The company has declared an interim dividend of ₹5.75 per share (face value of ₹1 each).
Steel demand in the country is rapidly growing and it is expected to continue its upward momentum, directly aligning with overall GDP growth. NMDC has been ramping up capacity and creating a secure supply channel to meet the domestic demands of the industry, CMD (additional charge) Amitava Mukherjee said.
The financial and physical performance of the company were testimony to its investments in technology and innovation reaping high returns, he said. NMDC shares on Wednesday closed 3.88% higher at ₹235.50 apiece on the BSE.
Iron ore production of the State-owned miner during the quarter at 12.22 million tonnes was 15% higher compared to 10.66 MT in the year earlier period, while sales increased 19% to 11.39 MT (9.58 MT).
For the nine months ended December, production at 31.78 MT and sales 31.94 MT were an increase of 19% and 24%, respectively, over the corresponding period of previous fiscal. Standalone net profit increased to ₹4,169.86 crore (₹3,251.57 crore), while revenue from operations rose to ₹14,818.54 crore (₹11,815.51 crore).
For the third quarter, the company posted a consolidated net profit of ₹1,469.73 crore (₹903.89 crore) on revenue from operations of ₹5,409.9 crore (₹3,719.99 crore). For the nine months, the consolidated net profit was ₹4,155.63 crore (₹3,260.78 crore) and revenue from operations ₹14,818.54 crore (₹11,815.51 crore).
