Team News Riveting
Hyderabad, November 11
Mining major National Mineral Development Corporation (NMDC) had posted over 10 per cent rise in the consolidated net profit at Rs 772.53 crore for the September quarter 2020-21.
The company had clocked Rs 701.54 crore net profit in the year-ago quarter. Fiscal disciplines powered the financial performance of the country’s largest Iron Ore producing Navratna Company.
“We have taken various steps to reduce costs, improve output and maximize the profitability and are hoping to excel in the next two quarters and set new records in production.” NMDC Chairman-cum-Managing Director (CMD) Sumit Deb said.
The production continued without interruption despite the adverse situations they faced, providing for yet another strong operating quarter due to their realigned strategy and focus on optimum utilization of resources, Deb added.
NMDC delivered another strong operating performance with a 13 per cent and 14 per cent increase in production and sales respectively in the second quarter of financial year 2020-21 (FY21).
Despite adversities due to COVID and incessant monsoon in Chhattisgarh, NMDC has been able to outperform both production and sales over the CPLY. In this quarter, NMDC produced 5.64 million tonnes (MT) of iron ore and sold 6.60 million tonnes (MT).
NMDC’s turnover during the 2nd quarter of 2020-21 was Rs 2230 crore as against the turnover of Rs 2242 crore of the CPLY. Company’s Profit Before Tax (PBT) for the Q2 of 2020-21 was Rs 1063 crore against Rs 1080 crore during Q2 of 2019-20, a decrease by marginal 2 per cent.
Domestic production of iron ore is down by around 47 per cent in the first half of 2020-21 (H1) when compared with CPLY, whereas NMDC has been able to outperform the industry and had a drop of only 9 per cent. NMDC has produced around 16 per cent of India’s total iron ore production in (H1) of 2020-21.
