Companies

NMDC registers best-ever Q1 numbers, profit at ₹3,193 cr

Our Bureau. Hyderabad | Updated on August 12, 2021

Strong performance achieved on the back of robust domestic demand

NMDC Limited, the State-owned iron ore mining company, has posted a profit of ₹3,193 crore for the first quarter ended June 30, 2021, up multifold over ₹533 crore during the corresponding Covid hit quarter of last fiscal.

The turnover was up 236 per cent at ₹6,512 crore (₹1,938 crore). The iron ore production was up 35 per cent at 8.91 million tonnes (6.61 mt) and sales was up 51 percent at 9.45 mt (6.28 mt). This strong performance was achieved on the back of robust domestic demand and peaking of international iron ore prices, making it the best Q1 for NMDC since the company’s inception.

Expansion plans

Sumit Deb, CMD, NMDC, said, “Indian steel majors have reported strong results and have also announced expansion plans. That combined with the government’s spending on infrastructure projects, while we return to normalcy, is extremely encouraging for us at NMDC.” NMDC shares closed at ₹173.75, up 1.19 per cent at BSE.

Published on August 12, 2021

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