NMDC posts net profit of Rs 5,529 crore for FY’23; declared dividend

New Delhi: NMDC Limited on Thursday declared its financial results for FY 2022-23. In the financial year 2022-23, the company produced 40.82 million tonnes and sold 38.22 million tonnes of iron ore. NMDC is the first iron ore producer in India to cross the 40 MnT production mark for the second consecutive fiscal.

It has recorded a turnover of Rs 17,667 crore, with Profit Before Tax (PBT) at Rs 7637 crore and Profit After Tax (PAT) at Rs 5,529 crore in FY 2022-23. The mining major has also announced 2nd and final dividend of Rs 2.85 per share. The total dividend including 1st interim dividend (Rs 3.75 per share) is Rs 6.6 per share for FY'2022-23.

Concluding the year with a strong performance, NMDC registered iron ore production of 14.13 MnT and sales of 12.41 MnT in the fourth quarter of FY'2022-23 which is the highest for any quarter since inception. For Q4 of the financial year, turnover stood at Rs.5851 crore while PBT and PAT clocked Rs 3,285 crore and Rs 2,277 crore respectively.

Commenting on the company’s performance, NMDC's CMD (Additional Charge) Amitava Mukherjee said, “NMDC’s strong core and technical affinity has helped us report steady volumes and margins in the face of challenges like heavy rainfall, dull demand and price volatility. With Government of India’s fillip to infrastructure, NMDC is committed to fuel the increase in domestic steel production and consumption by ensuring raw material security.”

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