Team News Riveting
Hyderabad, December 2
NMDC Limited has registered a growth of about 18 per cent in the production of iron ore in the month of November 2024 compared to corresponding period of last financial year.
The company produced 4.51 million tonne (MT) iron ore last month that is 17.75 per cent higher than 3.83 MT produced in the month of November last year. Similarly, NMDC’s sales also surged in November, NMDC Limited said in a regulatory filing today.
Country’s largest iron ore producer sold 4 MT of steel making raw material as against 3.79 MT in November 2023, registering a growth of 5.54 per cent. Though company’s cumulative production till November in the current fiscal dropped, the sales remain intact.
The company sold 27.84 MT iron ore in the first eight months of the financial year 2024-25 (FY25) that is near equal compared to the corresponding period of last fiscal.
Amitava Mukherjee, Director (Finance), NMDC, said, “Achieving the best-ever production and sales figures for November is a momentous achievement for NMDC. This is a reflection of the team’s steadfast dedication and rigorous efforts and the company’s commitment to driving growth and performance. As we move forward, we remain focused on sustainable growth and delivering value to our stakeholders.”
The positive results achieved by NMDC this November are a testament to the meticulous planning, ideal pricing mechanisms, and consistent off-take by customers. The dedicated efforts of the entire team have been pivotal in driving these impressive outcomes, ensuring the company’s operational efficiency and market responsiveness. With these strategic measures in place, NMDC is on track to meet its ambitious target of 50 million tonnes this fiscal year.
As a Navratna PSU under the Ministry of Steel, NMDC plays a vital role in meeting India’s steel production demands. With its continued strong performance, NMDC is poised to drive growth and sustainability in the mining sector.
NMDC had demonstrated a strong growth trajectory in second quarter (Q2) of FY25 ended September 2024, with Profit After Tax (PAT) rising by an impressive 23 per cent, Profit Before Tax (PBT) increasing by 20 per cent, and turnover showing a notable upswing of 19 per cent compared to the corresponding period. The results underscore the company’s operational efficiency, market adaptability, and strategic focus on value creation.
The half-yearly performance comparison between FY25 and FY24 also highlighted NMDC’s strong financial growth. Turnover grew by 9 per cent, increasing from Rs 10,010.03 crore in FY24 to Rs 10,909.37 crore in FY25. Profit Before Tax (PBT) rose by 20 per cent, climbing from Rs 3,608.03 crore in FY24 to Rs 4,316.11 crore in FY25, while Profit After Tax (PAT) grew by 21 per cent, reaching Rs 3,253.34 crore in FY25 compared to Rs 2,677.91 crore in FY24. These results showcase NMDC’s resilience and excellence.
