NMDC Q3 results: Net profit jumps 53% to Rs 2,109 cr

Mumbai: State-owned iron ore producer, reported a 53% soar in internet revenue at Rs 2,109 crore through the December quarter of FY 21 as in opposition to a revenue of Rs 1,376 crore throughout the identical interval final 12 months.

“The assorted steps are undertaken to cut back prices, enhance output and maximize profitability have led us to bounce again after preliminary set again in Q1 resulting from COVID-19 pandemic and set new data on this quarter,” mentioned Sumit Deb, Chief Managing Director, NMDC.

NMDC is optimistic that it’s going to proceed to excel with the rising uncooked materials demand from the metal sector and create new benchmarks, Deb added.

NMDC’s turnover through the third quarter of FY 21 was at Rs.4,355 crore as in opposition to the turnover of Rs.3,006 crore of the identical interval final 12 months which is 45% soar.

The turnover on this quarter is the very best ever for any quarter for NMDC since inception, the corporate mentioned in a media assertion. The corporate earnings earlier than curiosity, taxes, depreciation and amortization rose 67% and was recorded at Rs 2,873 crore for the December quarter.

The corporate’s Ebitda throughout Q2 of FY 21 was at Rs 1,119 crore.

NMDC produced 9.60 million tonnes (MT) and bought 9.28 million tonnes (MT) of iron ore within the third quarter of FY21.

Regardless of COVID induced adversities, iron ore manufacturing and gross sales figures for the 9 months of the monetary 12 months 2020-21 are at par with 9 months of the earlier monetary 12 months, the corporate mentioned.

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