NMDC IRON ORE OUTPUT RISES 15% IN Q3, NET PROFIT SOARS 68%

State-run iron ore miner NMDC Ltd announced on Wednesday a significant surge in profit after tax (PAT) for the third quarter ending December 31, 2023. The company reported a 68% increase in PAT to Rs 1,492 crore compared to Rs 890 crore in the third quarter of FY23. This remarkable growth was supported by a 45% rise in turnover to Rs 5,410 crore in Q3FY24, up from Rs 3,720 crore in Q3FY23. NMDC achieved its highest-ever production and sales volumes for the quarter, reaching 12.22 metric tonnes and 11.39 MT, respectively.

This represents a 15% increase in production and a 19% increase in sales compared to Q3FY23. Furthermore, the cumulative production for the nine-month period stood at 31.78 MT, with sales reaching 31.94 MT, marking a significant 19% and 24% rise in production and sales, respectively, compared to the corresponding period of the previous fiscal year.

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