NMDC Continues to Grow Exponentially in Q2

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NMDC Continues to Grow Exponentially in Q2

NMDC, the country's largest Iron Ore producing Navratna Company delivered another strong operating performance, with a 13% and 14% increase in production and sales respectively in the second quarter of FY21. The global pandemic is not putting a stop of the growth of the company. The company has been able to outperform both production and sales over the CPLY. In this quarter, NMDC produced 5.64 million tonnes (MT) of iron ore and sold 6.60 million tonnes (MT).

NMDC turnover during the 2nd quarter of 2020-21 is 2230 crore as against the turnover of 2242 crore of the CPLY. The company’s Profit Before Tax (PBT) for the Q2 of 2020-21 is 1063 crore against 1080 crore during Q2 of 2019-20, a decrease by 2%. Profit After Tax (PAT) for Q2 of 2020-21 increased by 10% to 774 crores against 703 crores during Q2 of 2019-20. Domestic production of iron ore is down by around 47% in 2020-21 (H1) when compared with CPLY, whereas the company has been able to outperform the industry and had a drop of only 9%. It has also produced around 16% of India’s total iron ore production in (H1) of 2020-21.

Sumit Deb, CMD, NMDC

“NMDC’s production continued without interruption despite the adverse situations we faced, providing for yet another strong operating quarter due to our realigned strategy and focus on optimum utilization of resources. At NMDC, we have taken various steps to reduce costs, improve output and maximize the profitability with and are hoping to excel in thenext two quarters and set new records in production,” said Sumit Deb, CMD, NMDC.

For more information: www.nmdc.co.in