India’s NMDC posts record quarterly profit for Q1 FY 2021-22

Monday, 16 August 2021 11:22:52 (GMT+3)   |   Kolkata

Indian state-run iron ore miner NMDC Limited has reported its highest-ever quarterly profit of INR 31.9 billion ($430 million) in the first quarter (April-June) of the fiscal year 2021-22, according to a company statement on Monday, August 16.

According to the company, strong domestic demand and higher international prices enabled the company to achieve all-time-high quarterly profits. Its previous highest quarterly net profit of INR 19.1 billion ($258 million) was achieved during the fiscal year 2014-15.

Total turnover of NMDC during the first quarter was reported at INR 65.1 billion ($877 million) up 236 percent over the corresponding quarter of the previous fiscal.

NMDC’s iron ore production was up 35 percent during the quarter at 8.91 million mt and sales were up 51 percent to 9.45 million mt, both year on year.

The company’s average sales realization during the given quarter came to INR 6,823/mt ($92/mt) per metric ton, up 123 percent, year on year with 94 percent of its total production sold in the domestic market.

$1= INR 74.20

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