NMDC Sets New Records with Robust Yearly Performance in FY24

NMDC reported its best-ever yearly performance in FY24, increasing its iron ore production and sales by 10% and 16%, respectively. The company recorded a 21% rise in revenue, amassing Rs 21,294 crore. NMDC achieved a net PAT of Rs 5,632 crore and PBT of Rs 8,294 crore.

In a landmark year for NMDC, the company has reported its best-ever performance in FY24. Iron ore production surged by 10% to surpass 45 million tonnes, while sales climbed 16% to reach 44.48 million tonnes, according to CMD Amitava Mukherjee.

Addressing the company's 66th Annual General Meeting, Mukherjee highlighted the nation's robust year-on-year growth of 7% in iron ore output, which increased from 257 million tonnes in FY23 to 275 million tonnes in FY24. NMDC played a critical role in this growth, securing a 16% market share.

Financially, NMDC also excelled, recording a 21% increase in revenue to Rs 21,294 crore over FY23. The company's PAT was Rs 5,632 crore while its PBT, before exceptional items, was Rs 8,294 crore, reflecting a 2% and 30% growth respectively from the previous year. NMDC's EBITDA stood at Rs 8,709 crore, signifying a 28% growth. The company's financial stability was further reinforced by its standalone net worth crossing the Rs 25,000 crore mark.

(With inputs from agencies.)