NMDC's after-tax profit up eight-fold at Rs 2,838 crore in fourth quarter

NMDC is India's largest iron ore producer

: India's largest iron ore

producer, NMDC on Tuesday said its Profit After Tax for the quarter ended March 31 was 708 per cent higher at Rs 2,838 crore compared to Rs 351 crore during thesame period last fiscal.

During the fourth quarter of the last fiscal, turnover stood at Rs 6,848 crore compared to Rs 3,187 crore in the same quarter in FY20, a press release from the iron ore miner said.

Commenting on the impressive performance, Sumit Deb, CMD, NMDC said, "This has been an excellent year for the iron and steel sector and it gives me great pride to share these impressive results achieved by Team NMDC, in a year that has been challenging for the economy more than one reason."

All forecasts suggest the global rally in the sector will continue in FY 2022 giving the company confidence to achieve our targets for FY 2022 while pushing certain exciting initiatives that will bring in lasting improvement to efficiency and performance, Deb said.

NMDC produced 34.15 million tonnes and sold 33.25 million tonnes of iron ore during the financial year 2020-21 up eight per cent and six per cent respectively compared to FY 2019-20.

NMDC's turnover for FY 2020-21 is Rs 15,370 crore against Rs 11, 699 crore during FY 2019-20, registering a growth of 31 per cent.