State-owned mining company NMDC Limited reported a 16.66% increase in consolidated net profit, reaching Rs 1,195.63 crore in the September 2024 quarter, up from Rs 1,024.86 crore in the same period last year. This growth was driven by higher income, as total revenue surged by 22% to Rs 5,279.68 crore, compared to Rs 4,335.02 crore in the year-ago quarter, according to an exchange filing.
As India’s largest iron ore miner, NMDC operates under the Ministry of Steel and supplies around 20% of the country’s iron ore demand, a key raw material in steel production.
In addition to the financial results, NMDC’s board approved the issuance of bonus shares at a ratio of 2:1, meaning shareholders will receive two additional shares for each one they hold. The board also approved an increase in the company’s authorized share capital from Rs 400 crore to Rs 1,000 crore, a move that may support future growth and expansion.
The company’s performance in Q2 reflects strong demand in the iron ore market and strategic steps to increase shareholder value through bonus shares and expanded share capital.
