NMDC Q2 net profit surges to ₹2,326 cr.
The Hindu
Consolidated net profit of India’s largest iron-ore producer NMDC Ltd. surged to ₹2,326.14 crore for the quarter ended September, from the ₹752.37 crore of the year earlier period, on the back of high
Consolidated net profit of India’s largest iron-ore producer NMDC Ltd. surged to ₹2,326.14 crore for the quarter ended September, from the ₹752.37 crore of the year earlier period, on the back of higher demand for iron and steel.
A manifold increase, it came as total income rose sharply to ₹6,882.44 crore (₹2,318.67 crore). “Demand for iron and steel has witnessed a boom in emerging markets. As a key player, we responded with proactive production-enhancement initiatives and are now reaping benefits of agile response to the demand with an exceptional quarter,” CMD Sumit Deb said.
Capacity expansion initiatives and enforcement of digital infrastructure are two focus areas for the company, he said in a release on Thursday. Production at 8.77 million tonnes (MT) during the quarter was 56% higher compared with 5.64 MT in the corresponding period of previous fiscal. Sales increased 36% to 8.99 MT (6.60 MT). For the six months ended September, iron ore production of the public sector mining major stood at 17.68 MT (12.24 MT), while sales totalled 18.43 MT (12.88 MT).