Team News Riveting
Hyderabad, May 28
India’s largest iron ore mining company, NMDC declared its Financial Year 2023-24 (FY24) results on Monday.
Delivering unprecedented volumes, the company produced 45.02 million tonnes (MT) and sold 44.48 MT of iron ore in FY24. Realizing a 10 per cent growth in production and 16 per cent growth in sales compared to FY23 volumes, NMDC is now the first mining company in India to cross the 45 MnT milestone in iron ore production.
The company’s FY24 financial performance is in tune with its historic physical performance. NMDC reported a turnover of Rs 21,294 crore against Rs 17,667 crore in CPLY, a 21 per cent move upwards.
Headlining the numbers was NMDC’s Profit Before Tax (PBT) before exceptional item at Rs 8,294 crore in FY24, 30 per cent growth over FY23’s Rs 6,399 crore. However, during the current year there was an exceptional expenditure of Rs 282 crore whereas in CPLY there was an exceptional income of Rs 1,237 crore (amount received from Monitoring Committee and sale of Investment of NINL) resulting in increase in PBT after exceptional item by only 5 per cent. Company’s Profit After Tax (PAT) stood at Rs 5,632 crore in FY24, 2 per cent more than Rs 5,529 crore in FY23.
The Navratna public sector company also declared second and final dividend of Rs 1.50 per share to its shareholders in FY24, subject to the approval of shareholders in the ensuing AGM. For this financial year, the total dividend, including the first interim dividend of Rs.5.75 amounted to Rs.7.25 per share.
In Q4 FY24, NMDC produced 13.24 MT and sold 12.54 MT of iron ore. The company logged a turnover of Rs 6,475 crore, up by 11 per cent over CPLY, PBT before exceptional item of Rs 2,435 crore up by 19 per cent over CPLY. However in Q4 of FY 24 there is an exceptional expenditure of Rs 30 crore whereas in Q4 of FY23 there was an exceptional income of Rs 1237 crore (amount received from Monitoring Committee and sale of Investment of NINL) resulting in decrease in PBT after exceptional item by 27 per cent from Rs 3,285 crore to Rs 2,405 crore. The company reported PAT of Rs 1,462 crore in the fourth quarter of the financial year.
The Audited Financial Results for the year 2023-2024 were approved by the Board of Directors of the company under the Chairmanship of Amitava Mukherjee, CMD (Additional Charge), NMDC in its meeting held on May 27, 2024.
Congratulating NMDC on this stellar performance, Amitava Mukherjee said, “Our achievement of crossing the 45 MT milestone is a historic moment for the Indian mining industry. It underscores our role in fueling the nation’s growth and fortifying its critical industries. As the global economy navigates supply chain disruptions, volatile commodity prices and environmental considerations, NMDC remains steadfast in its pursuit of sustainable practices, technological innovation and stakeholder engagement, emerging as a beacon of strength and resilience.”
