Team News Riveting
Hyderabad, February 14
NMDC Limited has announced its first interim dividend of Rs 5.75 for the current fiscal, yet again, delivering a strong financial and physical performance in first quarter of the financial year 2023-24 (Q3 FY24).
The dividend will be 575 per cent on the face value of Rs 1 per share, the company said in a statement.
Surpassing its previous record, the mining major registered 45 per cent and 64 per cent increase in turnover and PBT (after exceptional expenditure) respectively over corresponding period of last year (CPLY) in the third quarter.
Setting new benchmarks with its exceptional performance, NMDC recorded its highest ever production
and sales volume with 12.22 MT and selling 11.39 MT in the third quarter of FY24, marking a growth of
15 per cent and 19 per cent in production and sales respectively over corresponding period last year.
NMDC’s turnover and PBT (after exceptional expenditure) for Q3 FY24 is Rs 5,410 crore and Rs 2,000
crore, with an increase of 45 per cent in turnover and 64 per cent in PBT over CPLY. While the Profit After Tax (PAT) for Q3 FY24 increased by 68 per cent to Rs 1,492 crore.
The 9 months cumulative production stood at 31.78 MT and sales figure reached 31.94 MT. With its
exceptional 9 month cumulative production and sales since company inception, NMDC has entered the
fourth quarter of FY24 on a strong momentum. Cumulative figures have soared by 19 per cent in production and 24 per cent in sales over CPLY.
Commenting on the performance, Amitava Mukherjee CMD (Additional Charge) said, “The steel
demand in India is rapidly growing and is expected to continue its upward momentum, directly aligning
with the overall GDP growth. To match the increased demand for steel, NMDC has been ramping up its
production capacity and is creating a secure supply channel to meet the domestic demands of the industry.
The company’s financial and physical figures demonstrates our prudent investments in technology and
innovation that are reaping us high returns.”
