NMDC claims best-ever production in third quarter

The miner had its net profit more than halved to Rs 903 crore in October-December 2022, against Rs 2,046.88 crore in the year-ago period of the preceding 2021-22 fiscal.

National miner NMDC on Wednesday said it registered its best-ever third quarter (Q3) production with 10.66 million tonne produced in the third quarter of FY23 (2022-23). The miner had its net profit more than halved to Rs 903 crore in October-December 2022, against Rs 2,046.88 crore in the year-ago period of the preceding 2021-22 fiscal.

NMDC in its board meeting held on February 14 reported a turnover of Rs 11,816 crore for the first nine months of this financial year. Company's profit before tax (PBT) for the nine months is Rs 4,351 crore and profit after tax (PAT) for the nine months is Rs 3,252 crore. According to the ministry of steel, NMDC produced 10.66 million tonne (mt) and sold 9.58 million tonne of iron ore in the third quarter of FY23. Cumulative production and sales figures for the first three quarters stood at 26.69 mt and 25.81 mt, respectively.

The company's total income also dropped to Rs 3,924.75 crore from Rs 6,026.68 crore in the year-ago quarter. Its total income also tumbled to Rs 3,924.75 crore from Rs 6,026.68 crore in the year-ago quarter.

NMDC declared an interim dividend of Rs 3.75 per share during the reviewed quarter. The public sector company, under the ministry of steel, is the country's largest producer and supplier of iron ore.

Commenting on the performance, Sumit Deb, chairman and managing director, NMDC, said, "Iron and steel industry is the backbone of India's infrastructure growth and this year's Union Budget emphasis on increasing capex (capital expenditure) will propel a robust domestic steel demand. With thriving iron ore production and growing capital that can be reinvested in the company, NMDC is ready to meet the demand. I congratulate the team NMDC for its best ever Q3 production." 

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