India’s Mining Major NMDC reports 22% rise in Q4 profit

by Psu Connect
Date: 24-05-23

The mining major has also announced 2nd and final dividend of Rs.2.85 per share. The total dividend including 1 st interim dividend (Rs.3.75 per share) is Rs.6.6 per share for FY23.

India’s Mining Major NMDC reports 22% rise in Q4 profit

Hyderabad: Country’s largest iron ore producer, NMDC declared its FY23 results on May 24. In the financial year 2022-23, the company produced 40.82 million tonnes and sold 38.22 million tonnes of iron ore. NMDC is the first iron ore producer in India to cross the 40 MnT production mark for the second consecutive fiscal.

The Government of India’s profit-making PSE recorded a turnover of Rs.17667 crore, with Profit Before Tax (PBT) at Rs.7637 crore and Profit After Tax (PAT) at Rs.5529 crore in FY23. The mining major has also announced 2nd and final dividend of Rs.2.85 per share. The total dividend including 1 st interim dividend (Rs.3.75 per share) is Rs.6.6 per share for FY23.

Concluding the year with a strong performance, NMDC registered iron ore production of 14.13 MnT and sales of 12.41 MnT in the fourth quarter of FY23 which is the highest for any quarter since inception. For Q4 of the financial year, turnover stood at Rs.5851 crore while PBT and PAT clocked Rs.3285 crore and Rs.2277 crore respectively.

Commenting on the company’s performance, Shri Amitava Mukherjee, CMD (Additional Charge) said, “NMDC’s strong core and technical affinity has helped us report steady volumes and margins in the face of challenges like heavy rainfall, dull demand and price volatility. With Government of India’s fillip to infrastructure, NMDC is committed to fuel the increase in domestic steel production and consumption by ensuring raw material security.”