Companies

NMDC Q3 net zooms 53% at ₹2,108 crore

Our Bureau Hyderabad | Updated on February 09, 2021

On strong demand for iron ore, mining major NMDC has posted a profit of ₹2,108.5 crore for the third quarter ended December 31, 2020, up 53.4 per cent over a profit of ₹1,375 crore it posted for the corresponding quarter of last year on a consolidated basis.

The company revenue from for the third quarter was up 45 per cent at ₹4,355 crore, as against ₹3,006.38 crore for the corresponding quarter of last year.

The mining company produced 96 lakh tonnes of ore in the third quarter, up 12 per cent over 85.8 per cent same period last year. It’s sales were at 92.84 lakh tonnes up 10 per cent over 84.10 lakh tonnes.

For nine months ended December 2020, the company posted a profit of ₹3,415 crore, up 5 per cent over ₹3,259 crore it logged in nine months of last year.

The revenue for first three quarters of this fiscal was almost flat at ₹8,522.49 crore, down ₹10 crore, as against 8,512 crore.

NMDC had an average realisation of ₹3,802 per ton for iron ore during the nine months.

The company share closed the day at ₹117.75, up 1.4 per cent at BSE.

Sumit Deb, CMD, on Tuesday said, “We have realigned our strategy to focus on optimum utilization of resources. The various steps undertaken to reduce costs, improve output and maximize profitability have led us to bounce back after initial set back in Q1 due to COVID-19 pandemic and set new records in this quarter. We are positive that we will continue to excel with the growing raw material demand from the steel sector and create new benchmarks.”

Despite COVID induced adversities, iron ore production and sales figures for the nine months of the financial year 2020-21 are at par with nine months of the previous financial year.

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Published on February 08, 2021
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