NMDC's Q4 net profit vaults 31% to Rs1,454 cr
30 May 2019
State-owned miner National Mineral Development Corporation (NMDC) has recorded a 31 per cent in its net (after-tax) profit of Rs1,454 crore during the fourth quarter of the 2018-19 financial year.
Profit before tax (PBT) for the January-March 2018-19 quarter stood at Rs2,197 crore, which is 10 per cent higher compared with that of the previous year quarter.
NMDC, the country’s largest iron ore producer, said its turnover for the fiscal fourth quarter stood at Rs3,643 crore compared with a turnover of Rs3,883 crore in the year-ago quarter.
The company’s production of iron ore during the fourth quarter of FY19 stood at 10.59 million tonnes a decrease of 7 per cent over production in the similar quarter of the previous fiscal. Sales of iron ore was 30 per cent lower at 10.17 million tonnes year-on-year.
NMDC reported a net (after-tax) profit of Rs4,642 crore for the 2018-19 financial year, a 22 per cent increase against a net profit of Rs3,806 crore during 2017-18.
The company produced and sold 32.36 million tonnes of iron ore during 2018-19 against production of 35.58 million tonnes and sales of 36.08 million tonnes during previous year.
The company’s turnover for the year 2018-19 stood at Rs12,153 crore against Rs11,615 crore during 2017-18, showing a growth of 5 per cent.
Profit before tax (PBT) for the year 2018-19 increased by 17 per cent to Rs7,198 crore from Rs6,179 crore during 2017-18.
CMD N Baijendra Kumar congratulated employees for their commitment, hard work and efforts, adding that the results showed NMDC’s strength to bounce back in spite of operational challenges. He thanked all stakeholders, ministry of steel and Chhattisgarh state government for their support.
Set up in November 1958 to explore, develop and exploit mineral resources other than fuel oil and atomic minerals, NMDC is engaged mainly in mining of iron ore and diamonds and is India's single largest iron ore producer, producing over 35 million tonnes of iron ore from 3 fully mechanized mines in Chhattisgarh and Karnataka.
In recognition of its consistent performance, the company was categorised as a ‘Navratna’ Public Sector Enterprise in 2008.
The company is diversifying into steel making and has undertaken several capital intensive projects to modernise and increase capacities to retain its domestic leadership and is also successful in its overseas ventures.