NMDC Iron Ore production output surges by 15percent to 12.22 MT in Q3

by Psu Connect
Date: 16-02-24

State-owned NMDC has registered a 15 percent rise in its iron ore production to 12.22 million tonnes in the December quarter as per an official statement released by the company.

NMDC Iron Ore production output surges by 15percent to 12.22 MT in Q3

The mining company produced 10.66 MT of iron ore in the third quarter of the preceding financial year. The sales volumes of the company have risen by 19% to stand at 11.39 MT from 9.58 MT in the same quarter in the previous financial year. The quarterly results posted by NMDC have recorded a 62 percent year-on-year rise in its consolidated net profit to Rs 1,469.73 crore over Rs 903.89 crore in the previous fiscal year.

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 a 24% rise in sales over the corresponding period of last year.

For the nine months 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. The company has also declared its first interim dividend of Rs 5.75 per share which is approximately 575% of the face value of Rs 1 per share.

The company has sought to match the increased demand for steel, while ramping up its production capacity and is creating a secure supply channel to meet the domestic demands of the industry.