December 1, 2020 5:32 pm

NMDC Q2 results: Profit up by 10% to Rs 774 crore

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HYDERABAD The state-run India’s largest Iron Ore producing Navratna PSU posted strong operating performance with a 13% and 14% increase in production and sales respectively in the second quarter of FY21. The company’s Profit After Tax (PAT) for Q2 of 2020-21 increased by 10% to Rs.774 crores against Rs. 703 crores during Q2 of 2019-20.

“NMDC’s production continued without interruption despite the adverse situations we faced, providing for yet another strong operating quarter due to our realigned strategy and focus on optimum utilization of resources,” said Sumit Deb, CMD, NMDC.

NMDC produced 5.64 million tonnes (MT) of iron ore and sold 6.60 million tonnes (MT). The company’s turnover during the second quarter of 2020-21 is Rs 2230 crore as against the turnover of Rs. 2242 crore of the CPLY. 

The Profit Before Tax (PBT) for the Q2 of 2020-21 is Rs. 1063 crore against Rs. 1080 crore during Q2 of 2019-20, a decrease by 2%. While Profit After Tax (PAT) for Q2 of 2020-21 increased by 10% to Rs.774 crores against Rs. 703 crores during Q2 of 2019-20.

In a comparison of Q2 with Q1 of FY21, NMDC has shown growth in sales of Iron ore by 5%, turnover by 15%, PBT by 40%, PAT 45% and EBITDA by 35%, said the company.

NMDC said that domestic production of iron ore is down by around 47% in 2020-21 when compared with CPLY, whereas it has been able to outperform the industry and had a drop of only 9%. NMDC has produced around 16% of India’s total iron ore production in (H1) of 2020-21.

Deb said: “At NMDC, we have taken various steps to reduce costs, improve output and maximize the profitability with and are hoping to excel in the next two quarters and set new records in production.”

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