Navratna company NMDC declares dividend, net profit falls 55% in Q3
2 min read . Updated: 14 Feb 2023, 09:08 PM IST
Premium- The single largest producer of iron ore in India is National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India.
The single largest producer of iron ore in India is National Mineral Development Corporation (NMDC), a Navratna Public Sector Enterprise under the Ministry of Steel, Government of India. Today, the firm announced its Q3 financial results and the first dividend for its eligible shareholders.
“The Board of Directors of the Company at its meeting held on Tuesday the 14th February 2023, inter-alia, fixed Friday the 24th February 2023, as the record date for the purpose of payment of first interim dividend at the rate of Rs. 3.75 ps. (Rupees Three and Seventy Five Poise Only) per equity share of face value of Re. 1 /- each for the financial year 2022-23. The first interim dividend shall be paid / dispatched to the Equity Shareholders of the Company, as per the provisions of the Companies Act 2013, whose names appear in the Register of Members of the Company or in the records of the Depositories as beneficial owners of the equity shares as on Friday, the 24th February 2023, which is the Record Date fixed for the purpose," said NMDC in a stock exchange filing.
The firm reported revenue from operations of ₹3,719.99 Cr in Q3FY23 compared to ₹5,873.77 Cr in the corresponding quarter last year, a decline of 36.66% YoY. Additionally, its total income plummeted to ₹3,924.75 crore from ₹6,026.68 crore in the same quarter last year. The company's net expenses stood at ₹2 693.01 Cr in the quarter ended December 2022 against ₹3 332.44 Cr recorded in the year-ago quarter.
NMDC posted a net profit of ₹903.89 Cr in Q3FY23 compared to ₹2,046.88 Cr in Q3FY22, representing a fall of 55% YoY. The EPS of NMDC stood at ₹3.11 in Q3FY23 against ₹6.99 in the year-ago quarter. The company’s consolidated segment-wise revenue reached ₹3,719.99 Cr in Q3FY23 compared to ₹5,873.77 Cr in the year-ago quarter.
The company’s income from iron ore business stood at ₹3,665.21 Cr from ₹5,822.46 Cr in Q3FY22, and its income from pellet, other minerals & services reached ₹54.78 Cr in Q3FY23 compared to ₹51.31 Cr in the year-ago quarter. According to a stock exchange statement filed by the company, Q3FY23 EBITDA decreased by 56.3 percent to ₹1,140.6 crore, from Q3FY22's ₹2,611 crore. In the quarter under review, EBITDA margin was 30.7 percent, down from 44.5 percent in the same period of the prior fiscal year.
The shares of NMDC Limited closed today on the NSE at ₹115.70 apiece level, down by 2.20% from the previous close of ₹118.30.
