NMDC Q1 net profit rises 18% to ₹1,963 crore
The Hindu
NMDC reports 18% increase in net profit for Q1, aiming for 50 million tonne production target by FY25.
India’s largest iron ore producer NMDC reported consolidated net profit increased more than 18% for the quarter ended June to ₹1,963.35 crore from ₹1,661.04 crore a year earlier.
The increase came on a less than 1% increase in revenue from operations to ₹5,414.19 crore (₹5,394.66 crore).
On a standalone basis, the State-owned miner’s net profit in the first quarter rose 20% to ₹1,983.97 crore (₹1,649.91 crore). This marks a significant achievement in its ongoing growth trajectory, the company said in a release on July 12. Revenue from operations was marginally lower at ₹5,377.80 crore (₹5,394.66 crore).
“This is a good start to the fiscal year as reflected in our Q1 earnings. Our strategic focus on technological innovation and operational excellence has driven remarkable results, positioning us as a cornerstone in the industry. Buoyed by this momentum, we are on track to achieve a production target of 50 million tonne by FY25,” CMD (additional charge) Amitava Mukherjee said.
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