Active Stocks
Wed Apr 24 2024 15:59:54
  1. Tata Steel share price
  2. 165.50 2.73%
  1. NTPC share price
  2. 351.25 1.25%
  1. Power Grid Corporation Of India share price
  2. 290.00 1.75%
  1. Infosys share price
  2. 1,431.85 -0.68%
  1. ITC share price
  2. 428.85 -0.08%
Business News/ Companies / Company Results/  NMDC Q2 results: Net profit rises 15.7% YoY to 1025 crore
BackBack

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 reported a net profit of ₹1025 crore in the September quarter of FY 23-24Premium
NMDC reported a net profit of 1025 crore in the September quarter of FY 23-24

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.

Also Read: Kalyani Cast Tech IPO allotment finalised: Latest GMP, step to check allotment status

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.

Also Read: IPO Watch: 4 mainboard IPOs open next week, Tata Technologies IPO, IREDA IPO, among others; here's all you need to know

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.

Also Read: MSCI Index rejig: Nine stocks including IndusInd Bank, Suzlon Energy, Paytm, likely to enter global index; details here

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.

Unlock a world of Benefits! From insightful newsletters to real-time stock tracking, breaking news and a personalized newsfeed – it's all here, just a click away! Login Now!

Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Published: 14 Nov 2023, 07:43 PM IST
Next Story footLogo
Recommended For You