Demand for steel in India is increasing rapidly and is expected to continue to grow>>>> Amitav Mukherjee CMD

NMDC delivers strong Q3 and 9M Performance in FY24

Hyderabad, 14 February 2024: Yet againIndia’s largest Iron Ore Producer, NMDC delivered a strong financial and physical performance in Q3 FY24. Surpassing its previous record, the mining major registered45% and 64% increase in turnover and PBT (after exceptional expenditure) respectively over CPLY in the third quarter.

Setting new benchmarks with its exceptional performance, NMDC recorded its highest ever production and sales volume with 12.22 MT and selling 11.39 MTin the third quarter of FY24, marking a growth of 15% and 19% in production and sales respectively over corresponding period last year.

NMDC’s turnover and PBT (after exceptional expenditure) for Q3 FY24 is Rs. 5,410 crore and Rs.2,000 crore, with an increase of 45% in turnover and 64% in PBT over CPLY. While the Profit After Tax (PAT) for Q3 FY24 increased by 68% to Rs.1,492 crores.

The 9 months cumulative production stood at 31.78 MT and sales figure reached 31.94 MT. With its exceptional9month cumulative production and sales since company inception, NMDC has entered the fourth quarter of FY24 on a strong momentum. Cumulative figures have soared by 19% in production and 24% in sales over CPLY.

NMDC has also declared 1st Interim Dividend of Rs 5.75 per share which is 575% of face value of Rs 1 per share.

Commenting on the performance, Shri Amitava Mukherjee CMD (Additional Charge) said, “The steel demand in India is rapidly growing and is expected to continue its upward momentum, directly aligning with the overall GDP growth. To match the increased demand for steel, NMDC has been ramping up its production capacity and is creating a secure supply channel to meet the domestic demands of the industry. The company’s financial and physical figures demonstrates our prudent investments in technology and innovation that are reaping us high returns.”