Team News Riveting
Hyderabad, May 27
India’s mining giant National Mineral Development Corporation (NMDC) produced 42.19 million tonnes (MT) and sold 40.56 MT of iron ore during the financial year 2021-22.
With this, the company registered the strongest ever growth since inception. While the production was up by 24 per cent over last fiscal’s production of 34.15 MT, NMDC recorded a growth of 22% over the 33.25 MT sold in FY21.
While crossing the 42 MT milestone, the largest iron ore producer of the country also delivered the best ever annual financial results. In FY22, it recorded a turnover of Rs 25,882 crore against Rs 15,370 crore in the previous year, a 68 per cent move upwards.
NMDC cloaked a Profit Before Tax (PBT) of Rs 12,981 crore for FY 2021-22, 46 per cent growth over FY 2020-21’s Rs 8,902 crore. Profit After Tax (PAT) at Rs 9,398 crore for the year similarly reflects a robust growth of 50 per cent over PAT of Rs 6,253 crore achieved in the previous financial year. The public sector company also paid its highest ever dividend of 1474 per cent during FY22.
Concluding the year with a strong performance, NMDC produced 13.86 MT during the Q4 FY 2021-22 as against 12.31 MnT in the CPLY, a growth of 13 per cent, while realising a 11 per cent growth in sales of 12.29 MT of iron ore to 11.09 MT sold in Q4 of FY 2020-21. For the fourth quarter of the financial year, turnover stood at Rs 6,702 crore while PBT and PAT were clocked at Rs 2,880 crore and Rs 1,815 crore respectively.
The Audited Financial Results for the year 2021-22 were approved by the Board of Directors of the Company under the Chairmanship of Sumit Deb, CMD, NMDC in its meeting held on May 26, 2022.
Commenting on the impressive performance, Deb said, “This performance reflects the commitment of NMDC to make India truly AtmaNirbhar. We start this fiscal with a continued sense of focus and expect to complete important projects and deliver a stronger and sustained performance, owing to our focus on automation and digital initiatives that will catalyse our operations.”
