TFP Bureau, Hyderabad, May 30, 2024: NMDC, India’s leading iron ore mining company, unveiled its fiscal year 2023-24 results on Monday, showcasing an exceptional performance across key metrics. Bolstered by unprecedented volumes, the company achieved a production milestone, producing 45.02 million tonnes (MT) and selling 44.48 MT of iron ore in FY24.
With a remarkable 10% growth in production and 16% surge in sales compared to the previous fiscal year, NMDC becomes the first mining company in India to surpass the 45 MT mark in iron ore production.
The financial performance of FY24 resonates with NMDC’s historic physical achievements. The company reported a turnover of Rs. 21,294 crores, marking a significant 21% increase from Rs. 17,667 crores in the corresponding previous year.
The highlight of the financials was NMDC’s Profit Before Tax (PBT) before exceptional items, which stood at Rs. 8,294 crores in FY24, reflecting a robust 30% growth over the previous fiscal’s Rs. 6,399 crores. However, due to exceptional expenditure of Rs. 282 crores in the current year, compared to an exceptional income of Rs. 1,237 crores in the previous year, the growth in PBT after exceptional items was limited to 5%. The company’s Profit After Tax (PAT) reached Rs. 5,632 crores in FY24, a marginal 2% increase from Rs. 5,529 crores in FY23.
NMDC also announced a 2nd & final dividend of Rs. 1.50 per share to its shareholders in FY24, subject to approval at the ensuing AGM. Including the 1st interim dividend of Rs. 5.75, the total dividend for the financial year amounted to Rs. 7.25 per share.
In Q4 FY24, NMDC produced 13.24 MT and sold 12.54 MT of iron ore, registering a turnover of Rs. 6,475 crore, up by 11% from the corresponding period last year. The company’s PBT before exceptional items in Q4 FY24 stood at Rs. 2,435 crore, a 19% increase over the previous year. However, due to exceptional expenditure of Rs. 30 crore in Q4 FY24, compared to an exceptional income of Rs. 1,237 crore in Q4 FY23, the PBT after exceptional items decreased by 27% from Rs. 3,285 crore to Rs. 2,405 crore. NMDC reported a PAT of Rs. 1,462 crore in the fourth quarter of the financial year.
The Audited Financial Results for the year 2023-2024 were approved by the Board of Directors of the company under the Chairmanship of Shri Amitava Mukherjee, CMD (Additional Charge) NMDC, in its meeting held on May 27, 2024.
Commending NMDC’s outstanding performance, Shri Amitava Mukherjee stated, “Crossing the 45 MT milestone is a historic achievement for the Indian mining industry, highlighting our pivotal role in driving the nation’s growth and fortifying its critical industries. As we navigate global economic challenges, NMDC remains committed to sustainable practices, technological innovation, and stakeholder engagement, emerging as a beacon of strength and rnesilience.”
