PSU NMDC Steel Limited has recently reported a widened loss of Rs 595.37 crore for the September quarter, primarily due to a sharp increase in expenses. In comparison, the company had posted a loss of Rs. 131.10 crore during the same period last year, according to a filing with the stock exchange. Total income for the company rose to Rs. 1,535.46 crore, up from Rs 290.27 crore in the previous year.
However, the company’s expenses surged to Rs. 2,364.39 crore in Q2 of the current fiscal, compared to Rs. 464.93 crore in the same quarter last year.
NMDC Steel, a demerged entity from mining giant NMDC, owns and operates the 3 million-tonne Nagar Steel Plant in Nagarnar, Chhattisgarh. The plant, which is India’s newest steel unit, was established with an investment of approximately Rs. 23,000 crore. Commercial operations at the plant commenced on August 31, 2023. National Mineral Development Corporation (NMDC) Steel Limited focuses on producing high-quality steel and aims to contribute significantly to India’s industrial growth.
