State-run NMDC on Tuesday reported a 5 per cent growth in consolidated net profit to ₹1,483.18 crore in the March quarter, driven by higher iron ore and pellets sales revenue. It had posted a net profit of ₹1,415.62 crore in the fourth quarter of 2023-24, the company said in an exchange filing.
NMDC’s total income rose by around 9 per cent to ₹7,497.17 crore in the last quarter of FY25 from ₹6,908.37 crore in Q4 FY24. Iron ore sales were 6,350.49 crore while pellet along with other minerals contributed ₹662.07 crore.
For the full FY25 fiscal, the net profit increased by over 17 per cent to ₹6,538.82 crore from ₹5,571.25 crore in FY24. Total income rose to ₹25,498.84 crore from ₹22,678.73 crore in the corresponding fiscal.
NMDC Dividend
The Board of Directors of the Company has proposed a final dividend of ₹1 per share subject to approval of shareholders. In addition, the first interim dividend of Rs. 2.30 per equity share for FY 2024-25 has been paid.
NMDC managment commentary
Amitava Mukherjee, Chairman and Managing Director, NMDC, stated, “Our focus has always been on consistent, year-on-year progress to reach the final milestone of 100 MTPA in the next five years. What matters is that we stay on track and keep building on our momentum. The initiatives we’ve undertaken in recent years are now translating into tangible results, and that gives us confidence in the direction we’re headed.”
In the ongoing quarter, the focus remains on innovation, sustainability, and value creation to remain on track to achieve long-term targets, he said. As per the company, its quarterly iron ore production was at 13.31 million tonne (MT) and sales at 12.67 MT.
NMDC’s iron ore prices averaged at ₹4,206, lower than the average of ₹4,299 a year earlier, according to data from JM Financial Institutional Securities. The company had announced a price cut in January, according to commodities consultancy BigMint.
JSW Steel, which primarily procures iron ore from NMDC, said earlier this month that a further drop in iron ore prices is expected in the first quarter of the ongoing fiscal year. Revenue from its iron ore vertical fell nearly 2% during the quarter.
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