Strong financial performance by NMDC

NMDC CMD Sumit Deb

National Mineral Development Corporation (NMDC) Limited, the country’s largest iron Ore producing Navratna Company, delivered another strong operating and financial performance in this quarter. NMDC’s turnover during the 3rd quarter of 2020-21 is Rs.4,355 crore as against the turnover of Rs.3,006 crore of the CPLY which is 45% more than CPLY. The turnover in this quarter is the best ever for any quarter for NMDC since inception. NMDC’s Profit Before Tax (PBT) for the Q3 of 2020-21 is Rs.2,811 crore against Rs.1,647 crore during Q3 of 2019-20by 71% over CPLY. The Profit After Tax (PAT) for Q3 of 2020-21 increased by 53% to Rs.2,109 crores against Rs. 1,376 crore during Q3 of 2019-20.
NMDC produced 9.60 million tonnes (MT) and sold 9.28 million tonnes (MT) of iron ore in the third quarter of FY21. Despite COVID induced adversities, iron ore production and sales figures for the nine months of the financial year 2020-21 are at par with nine months of the previous financial year.
Chairman-cum-Managing Director of the NMDC Sumit Deb expressed satisfaction at the overall results and said, “We have realigned our strategy to focus on optimum utilization of resources. The various steps undertaken to reduce costs, improve output and maximize profitability have led us to bounce back after initial set back in Q1 due to COVID-19 pandemic and set new records in this quarter. We are positive that we will continue to excel with the growing raw material demand from the steel sector and create new benchmarks.”


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