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NMDC declared its FY24, delivering unprecedented volumes

May 28th, 2024 8:06 pm | By | Category: SPECIAL NEWS COVERAGE

Hyderabad, 28 May 2024: India’s largest iron ore mining company, NMDC declared its FY24 results on Monday. Delivering unprecedented volumes, the company produced 45.02 million tonnes and sold 44.48 million tonnes of iron ore in FY24. Realizing a 10% growth in production and 16% growth in sales compared to FY23 volumes, NMDC is now the first mining company in India to cross the 45 MnT milestone in iron ore production. The company’s FY24 financial performance is in tune with its historic physical performance. NMDC reported a turnover of Rs. 21,294 crores against Rs.17,667 crores in CPLY, a 21% move upwards. Headlining the numbers was NMDC’s Profit Before Tax (PBT) before exceptional item at Rs.8,294 crores in FY24, 30% growth over FY23’s Rs.6,399 crores. However, during the current year there was an exceptional expenditure of Rs 282 cr whereas in CPLY there was an exceptional income of Rs 1,237 cr (amount received from Monitoring Committee & sale of Investment of NINL) resulting in increase in PBT after exceptional item by only 5%. Company’s Profit After Tax (PAT) stood at Rs.5,632 crores in FY24, 2% more than Rs.5,529 crores in FY23. The Navratna public sector company also declared 2nd & final dividend of Rs.1.50 per share to its shareholders in FY24, subject to the approval of shareholders in the ensuing AGM. For this financial year, the total dividend, including the 1st interim dividend of Rs.5.75 amounted to Rs.7.25 per share.
In Q4 FY24, NMDC produced 13.24 MT and sold 12.54 MT of iron ore. The company logged a turnover of Rs.6,475 crore, up by 11% over CPLY, PBT before exceptional item of Rs.2,435 crore up by 19% over CPLY. However in Q4 of FY 24 there is an exceptional expenditure of Rs 30 cr whereas in Q4 of FY23 there was an exceptional income of Rs 1237 cr. (amount received from Monitoring Committee & sale of Investment of NINL) resulting in decrease in PBT after exceptional item by 27% from Rs 3,285 cr to Rs 2,405 cr. The company reported PAT of Rs.1,462 crore in the fourth quarter of the financial year. The Audited Financial Results for the year 2023-2024 were approved by the Board of Directors of the company under the Chairmanship of Amitava Mukherjee, CMD (Additional Charge) NMDC in its meeting held on May 27, 2024. Congratulating NMDC on this stellar performance, Amitava Mukherjee said, “Our achievement of crossing the 45 MT milestone is a historic moment for the Indian mining industry. It underscores our role in fueling the nation’s growth and fortifying its critical industries. As the global economy navigates supply chain disruptions, volatile commodity prices and environmental considerations, NMDC remains steadfast in its pursuit of sustainable practices, technological innovation and stakeholder engagement, emerging as a beacon of strength and resilience.”

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