Mining firm NMDC Q4 profit slumps 36 pc to Rs 1,815 cr

New Delhi [India], May 28 (ANI): The largest state-run iron ore miner National Mineral Development Corporation (NMDC) posted a profit after tax of Rs 1,815 crore for the quarter ended March 2022 as compared to Rs 2,838 crore recorded in the corresponding period of the previous year, registering a decline of 36.04 per cent year-on-year, according to an official statement released on Saturday.

For the full year 2021-22, the company's profit after tax rose to Rs 9,398 crore as compared to Rs 6,253 crore recorded in the previous year.

In FY22, NMDC recorded a turnover of Rs 25,882 crore against Rs 15,370 crore in the previous year, a 68 per cent move upwards.

NMDC reported a profit before tax (PBT) of Rs 12,981 crore for FY 2021-22, 46 per cent growth over FY 2020-21's Rs 8,902 crore. Profit after tax (PAT) at Rs 9,398 crore for the year similarly reflects a robust growth of 50 per cent over PAT of Rs 6,253 crore achieved in the previous financial year, according to data released by the Ministry of Steel.

NMDC, which is function under the control of the Ministry of Steel, produced 42.19 million tonnes and sold 40.56 million tonnes of iron ore during the financial year 2021-22. With this, the company registered the strongest ever growth in its history, of 24 per cent over last fiscal's production of 34.15 million tonnes and a 22 per cent growth over the 33.25 million tonnes sold in FY21.

The Audited Financial Results for the year 2021-22 were approved by the Board of Directors of the Company under the Chairmanship of Sumit Deb, CMD, NMDC in its meeting held on May 26, 2022.

Commenting on the performance, Deb said, "This performance reflects the commitment of NMDC to make India truly AtmaNirbhar. We start this fiscal with a continued sense of focus and expect to complete important projects and deliver stronger and sustained performance, owing to our focus on automation and digital initiatives that will catalyse our operations." (ANI)

Source: BUSINESS