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NMDC Q2 results: Net profit rises 15.7% YoY to ₹1025 crore
NMDC's net consolidated profit increased by 15.7% YoY to ₹1024.86 crore in Q2 FY23-24, driven by domestic steel demand.
NMDC Q2 results: National Mineral Development Corporation's net consolidated profit increased by 15.7% YoY to ₹1024.86 crore in the September quarter of financial year 2023-24. The Navratna PSU had reported a net consolidated profit of ₹885.65 crore in the year-ago period.
The state-owned iron ore producer continued to witness growth in the quarter under review due to a boost in domestic demand for steel as iron ore is a key input used in producing steel.
Its consolidated revenue from operations increased by 20.6% YoY to ₹4013.9 crore in the September quarter against ₹3328.5 crore in the year-ago period. Despite a YoY increase in its net profit, NMDC's net consolidated profit declined by 38% sequentially from ₹1661.04 crore in the April-June quarter.
NMDC shares closed 1.65% higher at ₹175.25 per share on BSE on Monday.
Consolidated segment revenue of the iron ore producer firm increased annually to ₹3967 crore in the quarter under review from ₹ 3280 crore in the September quarter of FY 22-23.
Its consolidated revenue from pellets, other minerals, and services reduced nominally to ₹46.55 crore during the quarter under review. NMDC has reported a consolidated revenue of ₹48.17 crore in the year-ago period. Its net revenue stood at ₹70.95 crore in the segment in the April-June quarter of FY24.
NMDC manages a total of four iron ore mines in Chhattisgarh and Karnataka states. It has also begun to invest in lithium ores. NMDC's expansion in valuable mineral ores can be beneficial in the future as the government plans to auction blocks of critical minerals in the coming months. On Tuesday, the centre announced to auction of 20 blocks of critical minerals, including lithium and graphite, within the next two weeks as part of a broader effort to harness indigenous technology for mining and processing.
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First Published:14 Nov 2023, 07:43 PM IST
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