Industry

NMDC net, revenue leap on robust ore demand

Mining major NMDC’s said its consolidated net profit surged to ₹2,836 crore for the quarter ended March from ₹315 crore in the year-earlier period on the back of iron ore demand and realisation remaining robust.

Total income more than doubled to ₹6,933 crore.

Iron-ore production rose 30% to 12.31 million tonnes. Iron ore sales increased 29% to 11.09 MT. These are the best-ever production and sales figures for any quarter since inception, NMDC said.

Total income for FY21 increased 29% to ₹15,722 crore while net profit surged 76% to ₹6,277 crore. The company said net profit and total income for the quarter as well as the turnover for the fiscal were new records.

“All forecasts suggest the global rally in the sector will continue in FY22, giving us the confidence to achieve targets for the fiscal while pushing [forward] some exciting initiatives that will bring in lasting improvement to efficiency and performance,” said CMD Sumit Deb. In FY21, it produced 34.15 MT and sold 33.25 MT iron ore, which were 8% and 6% higher respectively and “achieved in an undoubtedly challenging year.”


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Printable version | Jul 24, 2021 8:17:39 AM | https://www.thehindu.com/business/Industry/nmdc-net-revenue-leap-on-robust-ore-demand/article34919711.ece

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