NMDC Q1 net profit jumps six-fold to Rs 3,191 crore

State-owned mining company. NMDC  posted an over six-fold jump in its consolidated net profit to Rs 3,191.30 crore in the first quarter ended June, mainly on account of higher income. The company had reported a net profit of only Rs 531.35 crore in the same period a year ago.

In a BSE filing, the company said its total income soared to Rs 6,656.30 crore in the April-June quarter of the ongoing fiscal from Rs 2,009.27 crore in the year-ago period.

During the quarter under review, the company’s expenses stood at Rs 2,394.31 crore as against Rs 1,250.82 crore in the same period of the previous fiscal.

In a statement, NMDC CMD Sumit Deb said, “Indian steel majors (are) reporting strong results… while we return to normalcy is extremely encouraging for us at NMDC”.

The company produced 8.91 million tonnes of iron ore in the latest June quarter, up 35 per cent from 6.61 million tonnes produced in the year-ago period.

Sales grew 51 per cent to 9.45 million tonnes in the first quarter of the current fiscal from 6.28 million tonnes in the same period a year ago.

NMDC, under the Ministry of Steel, is the country”s largest iron ore miner. It is also into exploration of minerals like copper, rock phosphate, limestone, dolomite and gypsum.

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