Team News Riveting
Hyderabad, June 22
Amidst COVID induced challenges that dominated the last fiscal, National Mineral Development Corporation (NMDC) had logged growth across verticals with iron-ore output up by 8 per cent and sales surging by 6 per cent in the financial year 2020-21 (FY21).
NMDC produced 34.15 million tonne (MT) of iron ore and sold 33.25 MT in FY21. Country’s largest iron ore producer registered a growth of 8 per cent in production and 6 per cent in sales as compared to the last corresponding period of the financial year 2019-20. The production and sales of the company were 31.49 MT and 31.51 MT respectively in FY20.
NMDC’s turnover for FY21 was Rs 15,370 crore against Rs 11,699 crore during FY20, registering a growth 31 per cent. During the 4th Quarter (Q4) of the financial year, turnover stood at Rs 6,848 crore compared to Rs 3,187 crore in the CPLY. The Company achieved record turnover for the Q4 and also in annual turnover, both are highest since inception.
Profit before Tax (PBT) for FY21 was pegged at Rs 8,902, a 45 per cent increase from the Rs 6,122 crore during FY20 while Profit after Tax (PAT) was Rs 6,253 for FY21, reflecting a growth of 73 per cent from the Rs 3,610 crore achieved in FY20.
NMDC recorded Profit before Tax (PBT) of Rs 4,269 crore and Profit after Tax (PAT) of Rs 2,838 crore in the Q4 of FY21, a whopping 188 per cent and 708 per cent growth respectively over the Q4 of CPLY. The Company has registered the highest ever PBT and PAT in any quarter since inception.
The company achieved a production of 12.31 million tonnes (MT) iron ore during the Q4 as against 9.47 MT in the CPLY a 30 per cent growth, while realising a 29 per cent growth in sales of iron ore 11.09 MT compared to 8.62 MT during the Q4 of FY 2019-20, which is best ever production and sales figures not only for Q4 but also for any quarter since inception.
The Audited Financial Results for the year 2020-21 were approved by the Board of Directors of the Company in a meeting held today under the chairmanship of Sumit Deb, Chairman-cum-Managing Director (CMD) of the NMDC.
“This has been an excellent year for the iron and steel sector and it gives me great pride to share these impressive results achieved by Team NMDC, in a year that has been challenging for the economy for more than one reason,”Deb said. All forecasts suggest the global rally in the sector will continue in FY22 giving confidence to achieve the targets for the current fiscal while pushing certain exciting initiatives that will bring in lasting improvement to efficiency and performance, he added.
The NMDC CMD congratulated all the stakeholders of the company, especially the employees who have relentlessly put their best efforts in these difficult times for the outstanding performance.
