India’s government-owned iron ore miner NMDC Limited reported a net profit of INR 23.26 billion ($312 million) during the second quarter (July-September) of the fiscal year 2021-22, up from INR 7.52 billion ($101 million) in the corresponding period of the previous year, a company statement said on Friday, November 12.
The company reported total revenues at INR 68.82 billion ($925 million) during the quarter compared to INR 23.18 billion ($312 million) in the corresponding period of the previous fiscal.
“Demand for iron and steel has witnessed a boom in emerging markets. As a key player in raw materials we responded proactively through production enhancement initiatives and are now reaping benefits of the agile response to demand in an exceptional quarter,” Sumit Deb, CEO of NMDC, said.
Production during the second quarter was recorded at 8.77 million mt, an increase of 56 percent, while sales totaled 8.99 million mt, a growth of 36 percent, the statement said.
