Team News Riveting
Hyderabad, August 11
NMDC, India’s largest producer of iron ore announced its best ever first quarter (Q1) performance in company history today that has been achieved in the current financial year 2023-24 (FY24).
In Q1 FY24, the company produced 10.7 million tonnes and sold 10.98 million tonnes of iron
ore. With a 20 per cent increase in production and 41 per cent increase in sales figures over CPLY,
NMDC has surpassed its previous records to deliver its highest-ever Q1 production and sales
since inception.
Government of India’s profit making PSE recorded a turnover of Rs 5,395 crore, with Profit Before Tax (PBT) at Rs 2,201 crore; Profit After Tax (PAT) at Rs 1,650 crore and EBITDA of Rs 2,276 crore in the first quarter of this financial year. Entering FY24 with a strong financial performance in Q1, NMDC has achieved a growth of 13 per cent in Turnover, 13 per cent in PBT, 12 per cent in PAT and 11 per cent in EBITDA over corresponding period of last year (CPLY).
Commenting on the company’s performance, Amitava Mukherjee, CMD (Additional Charge) said, “With the Government of India’s impetus to infrastructure and an increase in the demand for iron ore, NMDC continues to build mineral accountability with a consistent supply of iron ore for the nation. Our investments in process efficiency and digital planning have led to these path-breaking results and we are driven to outperform ourselves each quarter. Propelled by of this powerful performance, we aspire to achieve a production of 50 MnT by the end of FY24.”
