Companies

NMDC Q1 profit up 21% at ₹1,179 crore

Our Bureau Hyderabad | Updated on August 13, 2019 Published on August 13, 2019

State-run NMDC posted 21 per cent rise in profit at ₹1,179 crore for the first quarter ended June 30, against ₹975 crore clocked in the corresponding quarter of last year.

The iron ore mining company posted revenues of ₹3,264 crore (₹2,422 crore).

In absolute terms, this is the best result in the last 5 years and if revenues from Donimalai are excluded, this is the best ever turnover for Q1 since inception, NMDC said.

During the first quarter, the company achieved total iron ore production of 8.43 million tonnes, up 21 per cent,against 6.98 million tonnes. The average sales realisation was ₹3,705 per tonne (₹3,536 per tonne).

N Baijendra Kumar, Chairman and Managing Director, NMDC, said “The company created new benchmarks both in physical and financial performances in spite of closure of Donimalai mine in Karnataka and challenges at Bailadila Complex in Chhattisgarh.”

He hoped NMDC would surpass its targets set for FY20.

Published on August 13, 2019
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