National Mineral Development Corporation Ltd (NMDC) on August 12 reported a consolidated net profit of Rs 1,970.8 crore for the June quarter, rising 19 percent from Rs 1,652.2 crore in the year-ago period, amid increased realisations.
The results come against the backdrop of strong demand for iron ore, a crucial steelmaking ingredient, as the government ramps up its infrastructure spending.
Sequentially, India’s largest iron ore producer's net profit increased nearly 40 percent.
On a standalone basis, net profit rose 20 per cent to Rs 1,984 crore, while revenue from operations decreased to Rs 5,377.8 crore from Rs 5,394.7 crore in the first quarter.
NMDC's consolidated revenue from operations was flat at Rs 5,414.2 crore in the quarter ended June 30. On a standalone basis, net profit fell 35.8 percent Y0Y to Rs 1,462.03 crore.
First quarter average domestic realisation was at Rs 5,304 crore up 9 per cent YOY. Iron ore sales was flat YOY at Rs 5,342 crore but fell 17 per cent from the previous quarter, according to the company's investor presentation.
NMDC operates four iron ore mines in Chhattisgarh and Karnataka states.
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