NMDC raises prices of lump ore to ₹6,450 per ton and fines to ₹5,610 per ton

NMDC on Monday announced a 38% year-on-year (YoY) decline in its net profit at ₹1,416 crore for the fourth quarter of the financial year. The company’s total consolidated income during the quarter grew by 18% YoY to ₹6,908 crore.

Operating earnings before interest, taxes, depreciation, and amortisation (EBITDA) was lower by 2.78% YoY at ₹2,101 crore.

For the financial year ending on March 31, 2024, the company’s net profit grew marginally by 0.61% YoY to ₹5,571 crore. The total consolidated income during the year rose 23% YoY to ₹22,679 crore. The operating EBITDA for FY24 was higher by 20.48% YoY to ₹7,292 crore.

In FY24, NMDC achieved a 10% YoY growth in iron ore production at 450.22 lakh tons (LT). Sales of iron ore during the financial year grew by 16% YoY to 444.81 LT. The firm’s iron ore production was 8% higher at 132.40 LT in Q4FY24 compared to the third quarter of the previous fiscal.

The board of directors of NMDC announced a final dividend of ₹1.50 per share. Earlier, the company announced and paid an interim dividend of ₹5.75 per share during the financial year.

NMDC is a Navratna public sector enterprise under the Ministry of Steel and is the single largest producer of iron ore in India. It owns and operates highly mechanised iron ore mines in Chhattisgarh and Karnataka.

Shares of the company have risen by nearly 23% since the beginning of the year. The stock has gained over 142% in the last one year.