Q1 FY22: NMDC achieves best-ever Q1 performance since inception

New Delhi: Hyderabad-based Navratna Steel PSU NMDC Limited produced 8.91 million tonnes of iron and sold 9.45 million tonnes, achieving a growth of 35 percent in production and 51 percent in sales over the corresponding quarter of the previous year. The rise in sales comes on the back of robust domestic demand and peaking of international iron ore prices, makes this the best Q1 for NMDC since the company's inception, said NMDC in an official statement on Thursday.

At Rs 4,263 crore, profit before tax (PBT) for the quarter registered a 462 percent growth against the Rs 759 crore achieved during Q1 of FY 2020-21. The profit after tax (PAT) at Rs 3,193 crore, saw a 499 percent increase against the Rs 533 crore achieved during Q1 of FY 2020-21. The turnover during this quarter grew 236 percent from Rs 1,938 crore in Q1 of FY 2020-21 to Rs 6,512 crore in Q1 FY 2021-22.

Commenting on this solid performance, NMDC CMD Sumit Deb said, "Indian steel majors reporting strong results and also announced expansion plans. That combined with the government's determination to continue spending on infrastructure projects while we return to normalcy is extremely encouraging for us at NMDC."

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