Team News Riveting
Hyderabad, November 14
India’s largest Iron Ore Producer NMDC, delivered a strong financial performance, with a 21 per cent and 18 per cent increase over corresponding period of last year (CPLY) in turnover and profit before tax (PBT) respectively in the second quarter of financial year 2023-24 (FY24).
NMDC also recorded marvelous performance by producing 8.86 Million Tonnes (MT) and selling 9.57 MT with a growth of 25 per cent and 14 per cent in production and sales respectively, surpassing its previous records in Q2.
NMDC’s turnover for the Q2 of 2023-24 is Rs 4,014 crore as against Rs 3,328 crore over CPLY. NMDC’s Profit Before Tax (PBT) for the Q2 of 2023-24 is Rs 1,407 crore as against Rs 1,188 crore during Q2 of
2022-23, an increase by 18 per cent. Profit After Tax (PAT) for Q2 of 2023-24 increased by 16 per cent to Rs 1,028 crore against Rs 889 crore during Q2 of 2022-23.
NMDC’s Turnover during the H1 of FY 23-24 is Rs 9,409 crore and PBT is Rs 3,608 crore in H1 which is 16 per cent and 15 per cent more respectively than CPLY.
NMDC has registered its historic half-yearly performance by producing 19.56 MT and selling
20.55 MT of iron ore. With a significant growth of 22 per cent in production and 27 per cent in sales figures over CPLY, NMDC has set new benchmarks with its magnificent H1 performance since inception.
Speaking on the performance, Amitava Mukherjee CMD (Additional Charge) said, “NMDC has registered stellar H1 and Q2 performance with remarkable growth and our figures give a fillip to our goal of achieving 50 Million Tonnes by next fiscal. Our initiatives are dovetailed with our strategies for ensuring sustainable growth, increased profitability, and a stronger market presence in the domestic industry. Thrust on volumes and optimization of operational efficiency is keeping us in good stead to maintain our niche as a market leader in the dynamic market condition.’
