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NMDC’s iron ore production up 15% in Q3, net profit up 68%

Hyderabad: State-run Iron ore miner NMDC Ltd on Wednesday said there was a 68% rise in profit after tax (PAT) for the third quarter ended December 31, 2023, at Rs 1,492 crore compared to Rs 890 crore. Q3 Of FY23.
It witnessed a 45% increase in turnover in Q3FY24 to Rs 5,410 crore as against Rs 3,720 crore in Q3FY23, as the Navratna public sector enterprise recorded its highest ever production and sales volumes of 12.22 MT and 11.39 MT respectively for the quarter. Was done. Production and sales grew by 15% and 19% respectively compared to Q3FY23.
With this, the nine-month cumulative production stood at 31.78 MT and sales reached 31.94 MT, showing a growth of 19% in production and 24% growth in sales compared to the corresponding period of the last financial year.
For the nine-month period for FY24, NMDC reported a 28% increase in PAT to Rs 4,170 crore as compared to Rs 3,252 crore in 9MFY23, a 25% increase in turnover in Q3FY24 from Rs 11,816 crore in Q3FY23. With this it became Rs 14,819 crore.
NMDC also declared its first interim dividend of Rs 5.75 per share for FY24, which is 575% of the face value of Rs 1 per share.
Amitav Mukherjee, Chairman and Managing Director (Additional Charge), NMDC Limited, said India’s rapidly growing steel demand is expected to continue to accelerate, which will directly align with overall GDP growth.
“To match the growing demand for steel, NMDC is increasing its production capacity and creating a secure supply channel to meet the domestic demands of the industry. Mukherjee said, the company’s financial and physical figures reflect our prudent investments in technology and innovation, which are delivering high returns.

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