NMDC net profit jumps 122% in first nine months of FY22

India's largest iron ore producer National Mineral Development Corporation (NMDC) on Wednesday said its net profit surged 122 per cent to Rs 7,583 crore in the first nine months of the current financial year as compared with Rs 3,415 crore reported during the corresponding period of last year.

The government-run NMDC registered a turnover of Rs 19,179 crore for the first nine months of the financial year 2021-22 as against Rs 8,522 crore achieved during the corresponding period of 2020-21, posting year-on-year growth of 125 per cent.

The Corporation's profit before tax (PBT) for the nine months period of the current financial year stood at Rs 10,101 crore as against Rs 4,633 crore recorded in the corresponding period of the previous year, registering a growth of 118 per cent year-on-year.

NMDC produced 10.65 million tonnes (MT) and sold 9.85 million tonnes (MT) of iron ore in the third quarter of FY22. Cumulative production and sale figures for the first three quarters stood at 28.33 MT and 28.28 MT respectively, according to a statement released by the Ministry of Steel.

NMDC's Board at a meeting held on February 8, declared 2nd interim dividend of Rs 5.73 per share.

Considering the first interim dividend of Rs 9.01 per share in its earlier Board meeting, the total dividend declared per share is Rs 14.74 for the FY 2021-2022 which is the highest dividend declared in the history of NMDC. Total Cash Outgo on account of Dividend is Rs 4,320 crore.

"This strong performance was achieved on the back of enhanced production under challenging times and should reach the production target this fiscal. We continue to be committed to completing important capex projects and the digitalisation and automation of our operations," said NMDC's chairman and managing director Sumit Deb.