NMDC Q4 results: Net profit plunged by 38% to Rs 1,416 crore

State-owned iron ore miner NMDC has reported a 38% fall in its consolidated net profit to Rs 1,415.62 crore for the March quarter as of higher expenses basis.

The mineral based company has posted a profit of Rs 2,276.94 crore for the previous year period, as per the exchange filing made.

The company's total income rose to Rs 6,908.37 crore in the January-March period from Rs 5,842.52 crore in the same period a year ago. Its expenses surged to Rs 4,519.64 crore from Rs 3,794.18 crore in January-March FY23.

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For the full FY24 fiscal, the company's profit was at Rs 5,571.25 crore, higher than Rs 5,537.72 crore in 2022-23.

Hyderabad-based NMDC is India's largest iron ore mining company catering to the country's around 20 percent of the steel-making raw material. Meanwhile, NMDC has increased the lump ore prices by Rs 250 per tonne and fines prices by Rs 350 per tonne.  This is the second time of price hike taken by the company in as many months.

NMDC had earlier hiked lump ore prices by Rs 400 per tonne and fines prices by Rs 200 per tonne in April. Earlier, NMDC had cut prices of lumps and fines for the first time in Eight months in March this year.

 

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