Team News Riveting
Hyderabad, May 10
The Board of Directors of the National Mineral Development Corporation (NMDC) Limited will meet on May 21 to consider the financial results for the fourth quarter (Q4) and financial year ended March 31, 2024.
Country’s largest iron-ore producer is also gearing up to reward its shareholders with a dividend, which is likely to be considered and recommended by the board in the meeting.
“Notice is hereby given that a Meeting of Board of Directors of the Company is scheduled to be held on Tuesday, 21st May 2024 inter-alia, to consider, approve and take on record the Audited Financial Results (Standalone and Consolidated) of the Company for the quarter and Financial Year ended 31st March 2024 and recommendation of Final Dividend for FY 2023-24, if any,” NMDC Limited said in a regulatory filing today.
The company has posted impressive performance in the last financial year and registered a 10 per cent growth in the production compared to previous fiscal. In FY24, NMDC produced 45.10 million tonnes (MT) of iron ore, registering a growth of 10.49 per cent over previous year. In the financial year 2022-23, the country’s largest iron-ore producer had recorded an output of 40.82 MT.
Similarly, the sales of the company have also surged by 16.38 per cent in the FY24 compared to corresponding period of last fiscal. As compared to previous fiscal’s 38.22 MT, NMDC sold 44.48 MT of steel making raw material in the financial year 2023-24.
The company has set a target to produce 50 MT iron ore in the current financial year. “All our mining complexes have delivered a promising start and are geared up to harmonize with the new mining technologies, navigate sectoral challenges, and achieve 50 MT,” Amitava Mukherjee, NMDC CMD (Additional Charge), has said.
