NMDC Q1 profit jumps to Rs 3,191.45 cr; income rises to Rs 6,656.3 cr
India's largest iron ore producer's total income during April-June quarter rose to Rs 6,656.30 crore from Rs 2,003.27 crore in April-June 2020
- Aug 12, 2021,
- Updated Aug 12, 2021 4:53 PM IST
State-owned miner NMDC (National Mineral Development Corporation) on Thursday reported a manifold rise in consolidated net profit at Rs 3,191.45 crore for the quarter ended June 2021. The company had posted a consolidated profit of Rs 531.78 crore in the year-ago quarter, NMDC said in a filing to the BSE.
India's largest iron ore producer's total income during the April-June quarter rose to Rs 6,656.30 crore from Rs 2,003.27 crore in April-June 2021, the statement said.
Total expenses for the latest quarter also jumped to Rs 2,394.31 crore from Rs 1,250.82 crore in the year-ago period.
During the quarter, NMDC's board of directors also green-lit the demerger between NMDC Limited and NMDC Steel Limited.
NMDC is a government-owned mineral producer, and is under the administration of the steel ministry. NMDC Steel Limited was a wholly-owned subsidiary of NMDC Limited.
NMDC's profit after tax for the quarter ended March 31, 2021, was 708 per cent higher at Rs 2,838 crore compared to Rs 351 crore during the same period last fiscal.
NMDC's overall turnover for FY 2020-21 stood at Rs 15,370 crore against Rs 11,699 crore during FY 2019-20, registering a growth of 31 per cent. The company NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21.
NMDC share closed at Rs 174.25, up Rs 2.45 or 1.43 per cent, compared to Rs 171.8 on the NSE.
Also read: NMDC board approves demerger with NMDC Steel
Also read: Disinvestment of PSUs back on track after COVID-induced setback: DIPAM Secy
State-owned miner NMDC (National Mineral Development Corporation) on Thursday reported a manifold rise in consolidated net profit at Rs 3,191.45 crore for the quarter ended June 2021. The company had posted a consolidated profit of Rs 531.78 crore in the year-ago quarter, NMDC said in a filing to the BSE.
India's largest iron ore producer's total income during the April-June quarter rose to Rs 6,656.30 crore from Rs 2,003.27 crore in April-June 2021, the statement said.
Total expenses for the latest quarter also jumped to Rs 2,394.31 crore from Rs 1,250.82 crore in the year-ago period.
During the quarter, NMDC's board of directors also green-lit the demerger between NMDC Limited and NMDC Steel Limited.
NMDC is a government-owned mineral producer, and is under the administration of the steel ministry. NMDC Steel Limited was a wholly-owned subsidiary of NMDC Limited.
NMDC's profit after tax for the quarter ended March 31, 2021, was 708 per cent higher at Rs 2,838 crore compared to Rs 351 crore during the same period last fiscal.
NMDC's overall turnover for FY 2020-21 stood at Rs 15,370 crore against Rs 11,699 crore during FY 2019-20, registering a growth of 31 per cent. The company NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21.
NMDC share closed at Rs 174.25, up Rs 2.45 or 1.43 per cent, compared to Rs 171.8 on the NSE.
Also read: NMDC board approves demerger with NMDC Steel
Also read: Disinvestment of PSUs back on track after COVID-induced setback: DIPAM Secy