NMDC delivers strong Q2 and half yearly performance

Hyderabad: Iron ore producer NMDC, delivered a strong financial performance, with a 21 percent and 18 percent increase over CPLY in turnover and Profit Before Tax (PBT) respectively in the second quarter of FY 2023-24. NMDC also produced 8.86 million tonnes and sold 9.57 million tonnes with a growth of 25 percent and 14 percent in production and sales respectively, the official press release said.

NMDC’s turnover for the Q2 of 2023-24 is Rs 4,014 crore as against Rs 3,328 crore over CPLY. NMDC’s Profit Before Tax (PBT) for the Q2 of 2023-24 is Rs 1,407 crore as against Rs 1,188 crore during Q2 of 2022-23, an increase by 18 percent. Profit After Tax (PAT) for Q2 of 2023-24 increased by 16 percent to Rs1,028 crore against Rs 889 crore during Q2 of 2022-23.

NMDC registered a historic half-yearly performance

NMDC’s turnover during the H1 of FY 2023-24 is 9,409 crore and PBT is 3,608 crore in H1 which is 16 percent and 15 percent more respectively than CPLY. NMDC has registered its historic half-yearly performance by producing 19.56 million tonnes and selling 20.55 million tonnes of iron ore. With a significant growth of 22 percent in production and 27 percent in sale figures over CPLY, NMDC has set new benchmarks with its magnificent H1 performance since inception.

Speaking on the performance, Amitava Mukherjee CMD (additional charge) said, “NMDC has registered stellar H1 and Q2 performance with remarkable growth and our figures give a fillip to our goal of achieving 50 million tonnes by next fiscal. Our initiatives are dovetailed with our strategies for ensuring sustainable growth, increased profitability, and a stronger market presence in the domestic industry. Thrust on volumes and optimization of operational efficiency is keeping us in good stead to maintain our niche as a market leader in the dynamic market condition."

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