Sunday, August 7, 2022

NMDC shares rise after a strong Q2 and H1 financials results for FY 22

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New Delhi/Hyderabad: NMDC Limited, the country's largest iron ore producer delivered another strong financial performance, with a 205 percent and 196 percent increase in turnover and PBT respectively in the second quarter of FY22. During Q2, NMDC has been able to outperform both production and sales over the CPLY. In this quarter, NMDC produced 8.77 million tonnes (MT) and sold 8.99 million tonnes (MT) of iron ore. NMDC shares have appreciated Rs 10 apiece since Monday expecting a strong September quarter.

NMDC’s turnover for the Q2 of 2021-22 is Rs 6,794 crore as against Rs 2,230 crore over CPLY. NMDC’s profit before tax (PBT) for the Q2 of 2021-22 is Rs 3,142 crore as against Rs 1,063 crore during Q2 of 2020-21, an increase by 196 percent. The profit after tax (PAT) for Q2 of 2021-22 increased by 202 percent to Rs 2341 crores against Rs 774 crores during Q2 of 2020-21.

NMDC has produced 17.68 MT and sold 18.43 MT during the H1 of FY22 which is 44 percent & 43 percent more than CPLY. NMDC’s turnover during the H1 of FY22 is 13,306 crore and PBT is 7,405 crore in H1 which is 219 percent and 306 percent more respectively than CPLY. This is the best ever H1 results for the company.

NMDC CMD Sumit Deb said, “The demand for iron and steel has witnessed a boom in the emerging markets. As a key player in the mining industry, we responded with proactive production enhancement initiatives and are now reaping the benefits of our agile response to the demand with an exceptional quarter. We aim to focus on capacity expansion initiatives and enforcement of digital infrastructure.”

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