New Delhi: National Mineral Development Corporation (NMDC) , a public enterprise under Ministry of Steel produced 8.91 million tonnes of iron and sold 9.45 million tonnes during Q1 FY22, achieving a growth of 35% over the corresponding quarter of the previous year and 51% in sales over the corresponding quarter of the previous year.
This has been the best Q1 performance for NMDC since the company’s inception, achieved on the back of robust domestic demand and peaking of international iron ore prices.
At Rs 4,263 crore, Profit Before Tax (PBT) for the quarter registered a 462% growth against the Rs 759 crore achieved during Q1 of FY2021. Profit After Tax (PAT) at Rs 3,193 crore, saw a 499 % increase against the Rs 533 crore achieved during Q1 of 2021. Turnover during this quarter grew 236% from Rs. 1,938 crore in Q1 2021 to Rs.6,512 crore in Q1 FY 2022.
Commenting on this performance, Sumit Deb, CMD, NMDC said that the Government’s determination to continue spending on infrastructure projects while the nation returns to normalcy in face of COVID-19 pandemic ” is extremely encouraging for NMDC”.
– global bihari bureau
