Team News Riveting
Raipur, November 14
National Mineral Development Corporation (NMDC) Limited on Monday reported a 58 per cent slump in the second quarter profit.
The company’s consolidated net profit (after taxes, Non-Controlling Interest and share of profit /loss of Associates/JVs) for the second quarter ended September 2022 or Q2 FY23 fell to Rs 972.22 crore from Rs 2327.09 crore a year ago, the company said in a statement today. The softening steel prices and higher input costs reportedly squeezed operating profit margins at NMDC.
Country’s largest iron ore producer profit plunged to Rs 2417.70 crore from Rs 5513.86 crore in the second half of the fiscal or H1 FY23, registering a fall of 58.22 per cent compared to the corresponding period of last fiscal.
The company also reported a loss of 51 per cent to Rs 3328.45 crore in the total revenue from operations in Q2 FY23. It sank 39.16 per cent to Rs 8095.52 crore during H1 FY23. The company’s income was pegged at Rs 13305.72 crore during the period last year.
The production during October 2022 increased 6 per cent compared to October 2021, however, sales declined 13.7 per cent from last year. Total cumulative production for the current fiscal year till the month of October was down 6.3 percent to 19.71 million tonnes (MT). The cumulative sales for the current fiscal year till October were dropped nearly 12 percent to 19.44 MT.
Last month, company commissioned the first coke battery of NMDC Nagarnar Steel Plant in Bastar district of Chhattisgarh. The Nagarnar steel plant aims to produce 2.89 million tonnes of high-quality HR coils, plates, and sheets annually, using state-of-the-art technology and achieving the highest level of energy efficiency.
The NMDC has set a target of 46 MT of iron ore production in the current fiscal.
