Despite dip in PAT in Q1, NMDC records growth in production & sales in August

New Delhi: NMDC Limited's performance during the month of August 2020 has witnessed good growth both in production and sales over the corresponding period last year (CPLY). However, the company has seen a major drop in Profit After Tax (PAT) in the first quarter of the current financial year (Q1 FY2020-21)'s results, which were declared recently.

Iron ore production for the month of August 2020 is 1.62 MT against 1.41 MT in the corresponding month last year, registering a growth of 15 percent in production.

Despite the global pandemic and heavy rainfall in the Chhattisgarh area we have managed to outgrow our performance over last year: Sumit Deb, CMD, NMDC Limited

Sales during August this year stood at 1.79 MT against 1.49 MT in August 2019, which was 20 percent higher when compared to the latter.

The Bailadila Projects at Chhattisgarh has produced 1.01 MT in August as compared to last year's production of 0.79 MT of iron ore in the month of August 2019. In percentage terms, there is 28 percent growth in production.

Also read: NMDC's profit after tax (PAT) declined by 55% in Q1 FY'21

The total sale of iron ore from Bailadila projects in the month of August is 1.27 MT against 1.05 MT in August 2019, which is 21 percent higher than the previous year.

NMDC Limited's Chairman & Managing Director (CMD) Sumit Deb expressed his happiness on the performance of NMDC. He said, "The Year 2020 is a difficult year but NMDC has managed to overcome difficulties and perform better. Despite the global pandemic and heavy rainfall in the Chhattisgarh area, we have managed to outgrow our performance over last year."

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