NMDC Reports 18% Growth in Q1 Net Profit Amid Reduced Expenses

State-owned NMDC reported an 18% growth in consolidated net profit for the June quarter, driven by reduced expenses. The company recorded a profit of Rs 1,963.35 crore, up from Rs 1,661.04 crore in the same quarter last year. Total income also increased while expenses decreased significantly.

State-owned mining giant NMDC has posted an impressive 18% growth in its consolidated net profit for the June quarter, reaching Rs 1,963.35 crore owing to reduced expenses.

In comparison, the company had registered a net profit of Rs 1,661.04 crore during the same period in the previous financial year, according to a filing made by the company on Monday.

Additionally, NMDC's total income rose to Rs 5,779.07 crore from Rs 5,688.87 crore a year ago, while expenses dropped to Rs 3,171.12 crore from Rs 3,476.55 crore in the first quarter of the last fiscal year.

Commenting on the strong performance, NMDC's CMD Amitava Mukherjee stated, "This is a good start to the fiscal year as reflected in our Q1 earnings. Our strategic focus on technological innovation and operational excellence has driven remarkable results, positioning us as a cornerstone in the industry."

The company, which operates under the Ministry of Steel, is on target to achieve a production milestone of 50 million tonnes per annum by FY25. NMDC is India's largest iron ore miner, catering to roughly 20% of the country's demand for steel-making raw materials.

(With inputs from agencies.)