State-owned NMDC Limited has announced a significant 18 percent increase in its consolidated net profit for the June quarter, reaching Rs 1,963.35 crore. This is up from Rs 1,661.04 crore reported in the same period last year. The company attributed the growth to reduced expenses and improved operational efficiencies.
In a filing with the stock exchange on Monday, NMDC highlighted that its total income for the quarter rose slightly to Rs 5,779.07 crore from Rs 5,688.87 crore a year ago. This improvement in financial performance was accompanied by a reduction in expenses, which fell to Rs 3,171.12 crore from Rs 3,476.55 crore in the corresponding quarter of the previous fiscal year.
Amitava Mukherjee, Chairman and Managing Director of NMDC, expressed optimism about the results, stating, “This is a good start to the fiscal year as reflected in our Q1 earnings. Our strategic focus on technological innovation and operational excellence has driven remarkable results, positioning us as a cornerstone in the industry.”
NMDC, which operates under the Ministry of Steel, is India’s largest iron ore producer, meeting approximately 20 percent of the country’s demand for the crucial steel-making raw material. The company is on track to meet its ambitious production target of 50 million tonnes per annum by the end of the fiscal year 2025.
