NMDC Reports Robust Financial Results in Q2 and H1 FY24, Surpasses Production and Sales Records
- Turnover and PBT Witness Double-Digit Growth, Setting New Benchmarks for the Iron Ore Giant
TFP Bureau, Hyderabad; Nov 16, 2023: India’s leading Iron Ore Producer, NMDC, showcased a formidable financial performance in the second quarter of FY 23-24, posting a remarkable 21% increase in turnover and an 18% surge in Profit Before Tax (PBT) compared to the corresponding period last year (CPLY). The company also achieved unprecedented production and sales figures, reaching 8.86 Million Tonnes and 9.57 Million Tonnes, marking growth rates of 25% and 14%, respectively.
In Q2 of 2023-24, NMDC’s turnover soared to Rs. 4,014 crores, reflecting a substantial increase from Rs. 3,328 crores in CPLY. The Profit Before Tax (PBT) for the same period saw a commendable rise of 18%, reaching Rs. 1,407 crores compared to Rs. 1,188 crores in Q2 of 2022-23. The Profit After Tax (PAT) for Q2 of 2023-24 rose by 16% to Rs. 1,028 crores, surpassing the Q2 2022-23 figure of Rs. 889 crores.
NMDC’s Half-Yearly performance for FY 23-24 continued to impress, with a turnover of Rs. 9,409 crores and PBT of Rs. 3,608 crores, registering growth rates of 16% and 15% over CPLY, respectively.
Setting historic benchmarks, NMDC achieved a stellar half-yearly production of 19.56 Million Tonnes and sales of 20.55 Million Tonnes of iron ore. This outstanding performance, boasting growth rates of 22% in production and 27% in sales over CPLY, positions NMDC as an industry leader.
Commenting on the remarkable results, Shri Amitava Mukherjee, CMD (Additional Charge), stated, “NMDC’s stellar H1 and Q2 performance, marked by remarkable growth, aligns with our strategic vision to achieve 50 Million Tonnes by the next fiscal year. Our focus on volume and operational efficiency optimization positions us as a market leader, ensuring sustained growth, increased profitability, and a strong market presence in the domestic industry.”
