NMDC Q3 net profit declines 13% to Rs 1,375 crore, declares dividend

The National Mineral Development Corporation (NMDC) has posted a lower profit of Rs. 1,375 crore for the third quarter ended December 2019, down 12.75 per cent from Rs. 1,576 crore it logged in the corresponding quarter of the previous year on consolidated basis.

The State-owned mining company registered lower income of Rs. 3,137 crore for the third quarter against Rs. 3,786 crore in the same quarter of the last fiscal. The board of the company has declared interim dividend of Rs. 5.29 per equity share of Rs. 1 each for 2019-20.

Iron ore production and sales for the nine months of the financial year 2019-20 has registered a growth of 1 per cent and 3 per cent respectively.

The turnover of Rs. 8,512 crore for the nine months of the financial year 2019-20 has marginally surpassed the turnover of the corresponding nine months of the previous fiscal at Rs. 8,509 crore, despite non-operation of Donimalai mines.

Profit before tax for the nine months of the financial year 2019-20 is down 7 cent to Rs. 4,640 crore from Rs. 5,001 crore, while profit after tax has registered a growth of 2 per cent at Rs. 3,259 crore over Rs. 3,188 crore.

N Baijendra Kumar, CMD, NMDC, said the company would not only surpass last year’s performance but also exceed the targets set for the year.

Shekhar Ghosh is consulting editor, Indoasiancommodities.com. He has edited and written for publications like Business India, Business Standard, Business Today, Outlook and many other international publications. He can be reached at shekhar.ghosh@indoasiancommodities.in.

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