NMDC performs better in first quarter

  • 20 percent growth achieved

Chronicle Reporter, Bhopal
India’s largest iron ore producer NMDC has announced its best-ever first quarter performance in the company’s history. In the first quarter of FY2024, the company produced 10.7 million tonnes and sold 10.98 million tonnes of iron ore.

With a 20% increase in production and 41% increase in sales figures as compared to the same period last year, NMDC has surpassed its previous record of highest ever production and sales in any first quarter since inception. The profit making PSE of Government of India reported a turnover of Rs 5,395 crore in the first quarter of the current financial year, with profit before tax (PBT) of Rs 2,201 crore, profit after tax (PAT) of Rs 1,650 crore and EBITDA of Rs 2,276 crore. With strong financial performance in Q1 FY2024, NMDC has achieved growth of 13% in PBT, 13% in PAT, 12% in PAT and 11% in EBITDA over the same period last year. Commenting on the company’s performance, Amitabh Mukherjee, CMD Additional Charge said, “With the Government of India’s push for infrastructure and increase in demand for iron ore, NMDC strengthens its accountability towards minerals with a steady supply of iron ore to the nation. Our investments in process efficiencies and digital planning have resulted in these record breaking results and we look forward to improving our performance every quarter . Encouraged by these results, we aspire to produce 50 million tonnes by the end of FY 2024.

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