NMDC delivers strong Q2 and Half-yearly Performance in FY24

Hyderabad: India’s largest Iron Ore Producer NMDC, delivered a strong financial performance, with a 21% and 18% increase over CPLY in turnover and PBT respectively in the second quarter of FY 23-24. NMDC also recorded marvelous performance by producing 8.86 Million Tonnes and selling 9.57 Million Tonnes with a growth of 25 % and 14% in production and sales respectively, surpassing its previous records in Q2.

NMDC’s turnover for the Q2 of 2023-24 is Rs. 4,014 crore as against Rs. 3,328 crore over CPLY. NMDC’s Profit Before Tax (PBT) for the Q2 of 2023-24 is Rs. 1,407 crore as against Rs. 1,188 crore during Q2 of 2022-23, an increase by 18%. Profit After Tax (PAT) for Q2 of 2023-24 increased by 16% to Rs.1,028 crores against Rs. 889 crores during Q2 of 2022-23.

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NMDC’s Turnover during the H1 of FY 23-24 is 9,409 crore and PBT is 3,608 Crore in H1 which is 16 % and 15% more respectively than CPLY. NMDC has registered its historic half-yearly performance by producing 19.56 Million Tonnes and selling 20.55 Million Tonnes of iron ore. With a significant growth of 22% in production and 27% in sales figures over CPLY, NMDC has set new benchmarks with its magnificent H1 performance since inception.

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Speaking on the performance, Shri Amitava Mukherjee CMD (Additional Charge) said, “NMDC has registered stellar H1 and Q2 performance with remarkable growth and our figures give a fillip to our goal of achieving 50 Million Tonnes 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. Thrust on volumes and optimization of operational efficiency is keeping us in good stead to maintain our niche as a market leader in the dynamic market condition.’

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