Team News Riveting
Hyderabad, February 9
National Mineral Development Corporation (NMDC), the country’s largest Iron Ore producing Navratna Company, delivered another strong operating and financial performance in this quarter.
NMDC’s turnover during the third quarter (Q3) of the financial 2020-21 has been pegged at Rs 4,355 crore as against Rs 3,006 crore reported during the corresponding period of the last financial year (CPLY). The increase is about 45 per cent.
Sumit Deb, NMDC Chairman-cum-Managing Director, expressed satisfaction over the results and said, “We have realigned our strategy to focus on optimum utilization of resources. The various steps undertaken to reduce costs, improve output and maximize profitability have led us to bounce back after initial set back in Q1 due to COVID-19 pandemic and set new records in this quarter. We are positive that we will continue to excel with the growing raw material demand from the steel sector and create new benchmarks.”
The turnover in this quarter is the best ever for any quarter for NMDC since inception. NMDC’s Profit Before Tax (PBT) for the Q3 of 2020-21 is Rs 2,811 crore against Rs 1,647 crore during Q3 of 2019-20 by 71 per cent over CPLY. The Profit After Tax (PAT) for Q3 of 2020-21 increased by 53 per cent to Rs 2,109 crores against Rs 1,376 crore during Q3 of 2019-20.
NMDC produced 9.60 million tonnes (MT) and sold 9.28 million tonnes (MT) of iron ore in the third quarter of FY21. Despite COVID induced adversities, iron ore production and sales figures for the nine months of the financial year 2020-21 are at par with nine months of the previous financial year.
