NMDC Q3 results: Net profit jumps 53% to Rs 2,109 cr

Mumbai: State-owned iron ore producer, reported a 53% jump in net profit at Rs 2,109 crore during the December quarter of FY 21 as against a profit of Rs 1,376 crore during the same period last year.

“The various steps are undertaken to reduce costs, improve output and maximize profitability have led us to bounce back after initial set back in Q1 due to COVID-19 pandemic and set new records in this quarter,” said Sumit Deb, Chief Managing Director, NMDC.

NMDC is positive that it will continue to excel with the growing raw material demand from the steel sector and create new benchmarks, Deb added.

NMDC’s turnover during the third quarter of FY 21 was at Rs.4,355 crore as against the turnover of Rs.3,006 crore of the same period last year which is 45% jump.

The turnover in this quarter is the best ever for any quarter for NMDC since inception, the company said in a media statement. The company earnings before interest, taxes, depreciation and amortization rose 67% and was recorded at Rs 2,873 crore for the December quarter.

The company’s Ebitda during Q2 of FY 21 was at Rs 1,119 crore.

NMDC produced 9.60 million tonnes (MT) and sold 9.28 million tonnes (MT) of iron ore in the third quarter of FY21.

Despite COVID induced adversities, iron ore production and sales figures for the nine months of the financial year 2020-21 are at par with nine months of the previous financial year, the company said.