Team News Riveting
Raipur, November 12
National Mineral Development Corporation Ltd (NMDC) under Ministry of Steel, the country’s largest iron ore producer delivered another strong financial performance, with a 205 per cent and 196 per cent increase in turnover and profit before tax (PBT) respectively in the second quarter (Q2) of the financial year 2021-22 (FY22).
During Q2, NMDC has been able to outperform both production and sales over the CPLY. In this quarter, NMDC produced 8.77 million tonnes (MT) and sold 8.99 million tonnes (MT) of iron ore.
NMDC’s turnover for the Q2 of 2021-22 is Rs 6794 crore as against Rs 2230 crore over corresponding period of last year (CPLY). NMDC’s PBT for the Q2 of 2021-22 is Rs 3142 crore as against Rs 1063 crore during Q2 of 2020-21, an increase by 196 per cent. Profit After Tax (PAT) for Q2 of 2021-22 increased by 202 per cent to Rs 2341 crores against Rs 774 crores during Q2 of 2020-21.
NMDC has produced 17.68 million tonne (MT) and sold 18.43 MT during the H1 of FY22 which is 44 per cent and 43 per cent more than CPLY. NMDC’s Turnover during the first half (H1) of FY22 is Rs 13,306 crore and PBT is Rs 7,405 crore in H1 which is 219 per cent and 306 per cent more respectively than CPLY. This is the best ever H1 results for the company.
Sumit Deb, CMD, NMDC said, “The demand for iron and steel has witnessed a boom in the emerging markets. As a key player in the mining industry, we responded with proactive production enhancement initiatives and are now reaping benefits of our agile response to the demand with an exceptional quarter. We aim to focus on capacity expansion initiatives and enforcement of digital infrastructure.”
