Team News Riveting
Hyderabad, August 27
State-run National Mineral Development Corporation (NMDC) had produced 6.6 million tonnes (MT) of iron ore and sold 6.275 MT during the first quarter (Q1) of financial year 2020-21.
NMDC’s Profit Before Tax (PBT) for the Q1 of 2020-21 was Rs 759 crore as against Rs 1913 crore clocked during the corresponding period of previous year; down by 60 per cent. Similarly Profit After Tax (PAT) during the period was Rs 533 crore against previous year’s Rs 1179 crore, a decrease by 55 per cent.
“This is a difficult year with the pandemic creating unprecedented situations,” NMDC Chairman-cum-Managing Director (CMD) Sumit Deb said. He was happy that the performance remained stable despite the challenges they had been facing, he said, adding that he was certain to see marked improvement in the performance in the following quarters.
NMDC’s turnover during Q1 of 2020-21 was Rs 1938 crore compared to previous year’s Rs 3264 crore.
Due to nation-wide lock down, both production and sales were severely impacted in the country’s largest iron-ore producing company. There had been a loss of around 1.823 MT of Production and 2.394 MT of sales, resulting in an estimated loss of Rs 737 crore in sales revenue and PBT of Rs 317 crore.
Nationally Iron Ore output in 2020-21 (Q1) was down by 45 per cent when compared with the previous year’s corresponding period. NMDC fall was restricted to 22 per cent only. Further, NMDC produced around 20 per cent of India’s total iron ore production for the period 2020-21(Q1).
