Team News Riveting
Hyderabad, August 5
Facing monsoon and market challenges, state owned mining giant National Mineral Development Corporation (NMDC) reported a marginal growth in the first quarter (Q1) of the financial year 2022-23 (FY23).
The company is however confident to achieve the annual targets.
The company produced 8.92 million tonnes (MT) and sold 7.80 MT iron ore in the first quarter of FY23. In the corresponding period last year, NMDC recorded 8.91 MT production and 9.45 MT sales.
NMDC registered steady financials for Q1 of FY23 with a turnover of Rs 4,767 crore, Profit Before Tax (PBT) of Rs 1,946 crore and Profit After Tax (PAT) of Rs 1,469 crore. During the first quarter of FY22, the turnover of the company was Rs 6,512 crore while PBT and PAT figures stood at Rs 4,263 crore and Rs 3,193 crore respectively.
Chairman-cum-Managing Director of NMDC Sumit Deb said, “Early monsoon and a shortfall in demand accounted for a slow Q1. On a positive note, our constant technological, digital, and financial growth provide comfort that NMDC will mitigate the current challenges and achieve the annual targets.”
