Team News Riveting
Hyderabad, August 12
NMDC performance hit a spectacular note post pandemic as the state-run miner recorded its best ever results in the first quarter (Q1) of the financial year 2021-22 (FY22).
The company produced 8.91 Million Tonne (MT) of iron ore and sold 9.45 MT during Q1FY22. The production and sales registered a growth of 35 per cent and 51 per cent respectively over the corresponding period of the last financial year. This excellent performance, achieved on the back of robust domestic demand and peaking of international iron ore prices, makes this the best Q1 for NMDC since the company’s inception.
NMDC was founded in 1958 and had been in the mining operation for the last six decades. This was for the first time the company had reported outstanding performance in the first three months of the fiscal.
Sumit Deb, Chairman-cum-Managing Director of NMDC said, “Indian steel majors reporting strong results and also announced expansion plans. That combined with the Government’s determination to continue spending on infrastructure projects while we return to normalcy is extremely encouraging for us at NMDC.”
At Rs 4,263 crore, Profit Before Tax (PBT) for the quarter registered a whopping 462 per cent growth against the Rs 759 crore achieved during Q1 of FY2021. Profit After Tax (PAT) stood at Rs 3,193 crore, which was 499 per cent higher than Rs 533 crore achieved during Q1 of 2021.
The company’s turnover during this quarter grew 236 per cent from Rs 1,938 crore in Q12021 to Rs 6,512 crore in Q1FY2022.
