Guest contributor and other agenciesMumbai: State-owned iron ore producer, NMDC Ltd reported its best-ever quarterly net profit at Rs 3,193 crore, up 499 per cent during the June quarter of FY 22 mainly on account of better demand and due to peaking of international and domestic iron ore prices in the market.
The company’s previous record profit was in FY 15 with a PAT of Rs 1,915 crore.
“Indian steel majors reporting strong results and also announced expansion plans. That combined with the Government’s determination to continue spending on infrastructure projects while we return to normalcy is extremely encouraging for us at NMDC,” the company’s chief managing director, Sumit Deb said in a media statement.
The company’s turnover was at Rs 6,512 crore during the June quarter, up 236 per cent from Rs 1,938 crore in the same period, last year.
NMDC’s iron ore production was up 35 per cent year-on-year at 8.91 million tonnes, and sales grew 51 per cent to 9.45 million tonnes. The company’s average sales realisation was at Rs 6,823 per tonne, up 123 per cent year-on-year. 94.49 per cent of its total iron ore sales were for the domestic market on the back of a shortage of iron ore which increased the demand for the steel sector's significant raw material.
The company’s Ebitda margins were at 66 per cent with consolidated Ebitda at Rs 4,322 crore from Rs 759 crore last year. During the quarter under review, the company’s total expenses came at Rs 2,393 crore up 92 per cent year-on-year.
The company’s previous record profit was in FY 15 with a PAT of Rs 1,915 crore.
“Indian steel majors reporting strong results and also announced expansion plans. That combined with the Government’s determination to continue spending on infrastructure projects while we return to normalcy is extremely encouraging for us at NMDC,” the company’s chief managing director, Sumit Deb said in a media statement.
The company’s turnover was at Rs 6,512 crore during the June quarter, up 236 per cent from Rs 1,938 crore in the same period, last year.
NMDC’s iron ore production was up 35 per cent year-on-year at 8.91 million tonnes, and sales grew 51 per cent to 9.45 million tonnes. The company’s average sales realisation was at Rs 6,823 per tonne, up 123 per cent year-on-year. 94.49 per cent of its total iron ore sales were for the domestic market on the back of a shortage of iron ore which increased the demand for the steel sector's significant raw material.
The company’s Ebitda margins were at 66 per cent with consolidated Ebitda at Rs 4,322 crore from Rs 759 crore last year. During the quarter under review, the company’s total expenses came at Rs 2,393 crore up 92 per cent year-on-year.
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