BackNMDC Q4 results: Consolidated PAT jumps 22% to ₹2,277 crore owing to exceptional items, declares dividend
In March 2023 quarter, NMDC posted a double-digit decline in revenue and EBITDA. However, its bottom-line front surged due to an exceptional items. Subdued demand and iron ore prices took a toll in the quarter.
PremiumCentral public sector undertaking, NMDC registered a growth of 22.3% in net profit to ₹2,276.9 crore on a consolidated basis for the fourth quarter of FY23 compared to a profit of ₹1,862.31 crore in Q4 of the previous fiscal. The bottom-line front (PAT) picked up due to an exceptional item of ₹1,237.27 crore recorded in the quarter.
However, the company's profit from ordinary activities before exceptional items and tax dipped by nearly 30% YoY due to subdued demand and offsetting price hikes in iron ore in March 2023 quarter.
The profit from ordinary activities before exception items and tax stood at ₹2,048.34 crore in Q4FY23 as against ₹2,920.16 crore in Q4 of FY22.
Not just that, NMDC recorded a decline in the top-line front and EBITDA as well. Margins too shrunk in the quarter.
Read here: Ashok Leyland records 17% drop in Q4 PAT but revenue soars 33% on healthy volumes; dividend declared
Revenue stood at ₹5,851.37 crore down by 13.8% from ₹6,785.30 crore in Q4FY22. In December 2022 quarter, revenue was at ₹3,719.99 crore.
EBITDA came in at ₹2,162.4 crore, declining by 20.6% in Q4FY23 as against ₹2,683 crore in Q4FY22. EBITDA margins declined by a whopping 320 bps to 37% in the latest quarter versus 40.2% in Q4FY22.
Further, in the fourth quarter, the iron ore production was at 141.26 LT up by 2% YoY and 32% QoQ. Sales stood at 124.10 LT, broadly flat on YoY basis but surged by 30% sequentially.
Overall, in FY23, NMDC posted best ever performance in production and sales to 421.88 LT and 406.68 LT as compared to 408.17 LT and 382.23 LT in FY22.
Also, in FY23, the company recorded best ever revenue of ₹25,965 crore up by 32% YoY and PAT of ₹9,448 crore higher by 41% YoY.
Read here: Biocon Q4 results: Consolidated PAT jumps 31% YoY, EBITDA records strong growth; declares 30% dividend
In a meeting held on Tuesday, NMDC's board declared a final dividend of ₹2.85 per share having a face value of Re 1 each for FY23. This is in addition to an interim dividend of ₹3.75 per share which has been already paid to the shareholders in the fiscal.
If the ₹2.85 per share dividend is approved in the ensuing AGM, NMDC plans to pay this benefit to the shareholders within 30 days from the date of the annual general meeting.
On BSE, NMDC's share price closed at ₹105.80 apiece up by 0.62%.
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