National Mineral Development Corporation Ltd (NMDC) on May 27 reported a consolidated net profit of Rs 1,412.67 crore for the March quarter, a decline of 37.8 percent from Rs 2,271.53 crore in the year-ago period, dragged by higher expenses and interest and penal charges.
Sequentially, India’s largest iron ore producer's net profit decreased 3.7 percent.
NMDC's consolidated revenue rose 10.9 percent YoY to Rs 6,489.31 crore. On a QoQ basis, the revenue surged 20 percent.
On a standalone basis, net profit fell 35.8 percent Y0Y to Rs 1,462.03 crore.
NMDC operates four iron ore mines in Chhattisgarh and Karnataka states.
Iron ore sales in the quarter rose 10.9 percent YoY to Rs 6427.24 crore, the company said in an investor presentation.
The results come amid robust demand for iron ore, a key steel making ingredient, as government continues its infra spending spree.
The NMDC stock ended the day at Rs 262.70, down 1.89 percent on the BSE from the previous close, ahead of the earnings annoucement.
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