NMDC net profit increases by 2% to Rs 5,632 in FY’24; declares dividend

New Delhi: NMDC Limited on Monday declared its financial results for FY 2023-24. The audited financial results for FY 2023-2024 have been approved by the Board of Directors of the company under the Chairmanship of NMDC CMD (Additional Charge) Amitava Mukherjee in its meeting held on May 27.

Delivering unprecedented volumes, the company produced 45.02 million tonnes and sold 44.48 million tonnes of iron ore in FY'24. Realizing a 10 percent growth in production and 16 percent growth in sales compared to FY23 volumes, NMDC is now the first mining company in India to cross the 45 MnT milestone in iron ore production.

The company’s FY’24 financial performance is in tune with its historic physical performance. NMDC reported a turnover of Rs 21,294 crores against Rs 17,667 crores in CPLY, a 21 percent move upwards.

Headlining the numbers was NMDC’s Profit Before Tax (PBT) before exceptional item at Rs 8,294 crores in FY’24, 30 percent growth over FY’23’s Rs 6,399 crores. However, during the current year there was an exceptional expenditure of Rs 282 crore whereas in CPLY there was an exceptional income of Rs 1,237 crore (amount received from Monitoring Committee & sale of Investment of NINL) resulting in increase in PBT after exceptional item by only 5 percent. The company’s Profit After Tax (PAT) stood at Rs 5,632 crores in FY'24, 2 percent more than Rs 5,529 crores in FY'23.

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