NMDC iron ore output rises 15% in Q3, net profit soars 68% – Times of India

HYDERABAD: State-run iron ore miner NMDC Ltd on Wednesday said it has clocked a 68% jump in profit after tax (PAT) for the third quarter ended December 31, 2023, at Rs 1,492 crore as compared to Rs 890 crore in Q3 of FY23.
This was on 45% rise in turnover to Rs 5,410 crore in Q3FY24 as against Rs 3,720 crore in Q3FY23 as the Navratna public sector enterprise recorded its highest ever production and sales volume of 12.22 metric tonnes and 11.39 MT, respectively, for the quarter, clocking a 15% and 19% growth in production and sales, respectively, over Q3FY23.
With this, the nine-month cumulative production stood at 31.78 MT and sales reached 31.94 MT, marking a 19% jump in production and 24% rise in sales over the corresponding period of last fiscal.
For the nine-month period for FY24, NMDC recorded a 28% increase in PAT at Rs 4,170 crore as compared to Rs 3,252 crore in 9MFY23 on a 25% rise in turnover to Rs 14,819 crore in Q3FY24 from Rs 11,816 crore in Q3FY23.
NMDC also declared its first interim dividend of Rs 5.75 per share, which is 575% of the face value of Rs 1 per share, for FY24.
NMDC Ltd chairman & managing director (additional charge) Amitava Mukherjee said India’s rapidly growing steel demand is expected to continue its upward momentum, directly aligning with the overall GDP growth.
“To match the increased demand for steel, NMDC has been ramping up its production capacity and is creating a secure supply channel to meet the domestic demands of the industry. The company’s financial and physical figures demonstrates our prudent investments in technology and innovation that are reaping us high returns,” Mukherjee added.

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