NMDC Sees Profit Surge in Q2 2024

State-owned miner NMDC reported a 16.66% rise in net profit for Q2 2024, reaching Rs 1,195.63 crore. The income surged by 22% and bonus shares were issued. The board approved an increase in authorized share capital to Rs 1,000 crore. NMDC serves 20% of India's iron ore demand.

On Monday, the state-owned mining giant NMDC announced a significant 16.66% surge in consolidated net profit for the September 2024 quarter, amounting to Rs 1,195.63 crore, bolstered by increased income.

This marks a substantial rise from the Rs 1,024.86 crore profit recorded in the same period of 2023-24, according to an exchange filing.

Notably, the company's total income soared by 22% to Rs 5,279.68 crore, compared to Rs 4,335.02 crore in the previous year's corresponding quarter. Furthermore, NMDC's board has sanctioned the issuance of bonus shares in a 2:1 ratio and approved an increase in authorized share capital from Rs 400 crore to Rs 1,000 crore. As the leading iron ore mining entity under the Ministry of Steel, NMDC supplies approximately 20% of India's demand for this crucial steel-making raw material.

(With inputs from agencies.)