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Business Economy


NMDC Q1 net profit up 21 pc

NMDC Q1 net profit up 21 pc

Hyderabad, Aug 13 (UNI) State-owned miner National Mineral Development Corporation (NMDC) on Tuesday reported a net profit of Rs 1,179 crore for the quarter ended June 30,2019, up 21 per cent from Rs 975 crore during the corresponding period last year.



The sales turnover during the quarter too increased 35 per cent to Rs 3,264 crore against Rs 2,422 crore during the corresponding period last year.



Iron ore production also up by 21 per cent to 8.43 MT, during the quarter against 6.98 MT last year.



Similarly, iron ore sales has also increased from 6.78 MT in Q1 of 2018-19 to 8.67 MT in Q1 of 2019-20, witnessing a growth of 28 per cent.



In a statement , NMDC Chairman and Managing Director, N Baijendra Kumar, said it is a proud moment for the company to excel and create new bench marks both in physical and financial performances despite of closure of Donimalai Mine in Karnataka and challenges at Bailadila Complex in Chhattisgarh.



He also expressed that with the kind of hard-work and commitment demonstrated by the employees, NMDC would surely surpass its targets for FY 20.



These are the best-ever performance since inception for Q1 (excluding Donimalai which was non-operational in Q1 FY 20).



In absolute terms, this is the best result in last 5 years and if revenues from Donimalai are excluded, this is the best-ever turnover for Q1 since inception.

UNI KNR GK 2105

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