NMDC Q1 PAT down 55% at Rs 533 crore due to COVID-19

NMDC Limited profit after tax for the first quarter ended June 30 slumped by 55 percent to Rs 533 crore as both production and sales were impacted due to the COVID-19 lockdown, the state-owned miner said on Thursday.

The company had posted Rs 1,179 crore PAT in the corresponding quarter in 2019-20, it said in a release here.

NMDCs turnover during the first quarter was Rs.1,938 crore compared to Rs 3,264 crore during the corresponding quarter last fiscal, the company said.

Due to the nation-wide lockdown to contain the spread of coronavirus, both production and sales were impacted, it said.

Commenting on the performance, NDMC Chairman and Managing Director Sumit Deb said this was a difficult year with the pandemic creating unprecedented situations.

"I am happy that our performance remains stable despite the challenges we are facing. I am certain we will see marked improvement in our performance in the following quarters with the conditions getting normalised," he said.