NMDC's net profit jumps manifold to Rs 2,838 cr in Mar quarter

The country's largest iron ore producer had clocked a Rs 351-crore net profit during the January-March period of the financial year 2019-20, NMDC said in a BSE filing. 

Its total income during January-March 2021 more than doubled to Rs 6,932.75 crore, from Rs 3,320.95 crore in the year-ago period. 

Total expenses were at Rs 2,668.36 crore as against Rs 1745.96 crore a year ago. 

In a separate statement, NMDC said its profit after tax (PAT) was at Rs 6,253 crore during the whole of 2020-21 fiscal, reflecting a growth of 73 per cent from the Rs 3,610 crore achieved in FY 2019-20. 

The Hyderabad-headquartered company has produced 34.15 million tonne (MT) iron ore in the financial year ended March 31, 2021, up eight per cent from 31.49 MT it had produced in 2019-20 fiscal. 

NMDC sold 33.25 MT of iron ore, registering a growth of six per cent as compared with 31.51 MT sold during FY 2019-20. 

In the statement, NMDC Chairman and Managing Director Sumit Deb said, ''This has been an excellent year for the iron and steel sector and it gives me great pride to share these impressive results achieved in a year that has been challenging for the economy more than one reason.''