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NMDC delivers strong Q2 and Half-yearly Performance in FY24

Nov 15th, 2023 6:27 pm | By | Category: LATEST NEWS


(THE NEWSMAN OF INDIA.COM)
Hyderabad, 14 November 2023: India’s largest Iron Ore Producer NMDC, delivered a strong financial performance, with a 21% and 18% increase over CPLY in turnover and PBT respectively in the second quarter of FY 23-24. NMDC also recorded marvelous performance by producing 8.86 Million Tonnes and selling 9.57 Million Tonnes with a growth of 25 % and 14% in production and sales respectively, surpassing its previous records in Q2.

NMDC’s turnover for the Q2 of 2023-24 is Rs. 4,014 crore as against Rs. 3,328 crore over CPLY. NMDC’s Profit Before Tax (PBT) for the Q2 of 2023-24 is Rs. 1,407 crore as against Rs. 1,188 crore during Q2 of 2022-23, an increase by 18%. Profit After Tax (PAT) for Q2 of 2023-24 increased by 16% to Rs.1,028 crores against Rs. 889 crores during Q2 of 2022-23.

NMDC’s Turnover during the H1 of FY 23-24 is 9,409 crore and PBT is 3,608 Crore in H1 which is 16 % and 15% more respectively than CPLY.

NMDC has registered its historic half-yearly performance by producing 19.56 Million Tonnes and selling 20.55 Million Tonnes of iron ore. With a significant growth of 22% in production and 27% in sales figures over CPLY, NMDC has set new benchmarks with its magnificent H1 performance since inception.

Speaking on the performance, Amitava Mukherjee CMD (Additional Charge) said, “NMDC has registered stellar H1 and Q2 performance with remarkable growth and our figures give a fillip to our goal of achieving 50 Million Tonnes by next fiscal. Our initiatives are dovetailed with our strategies for ensuring sustainable growth, increased profitability, and a stronger market presence in the domestic industry. Thrust on volumes and optimization of operational efficiency is keeping us in good stead to maintain our niche as a market leader in the dynamic market condition.’

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