NMDC's iron ore production rises 23% YoY to 42.15 MT in FY 2022

NMDC, the country's largest iron ore producer, said on Saturday its production increased by 23 per cent year-on-year to reach 42.15 million tonnes (MT) in FY22

National Mineral Development Corporation Limited (NMDC), the country's largest iron ore producer, said on Saturday its production increased by 23 per cent year-on-year to reach 42.15 million tonnes (MT) in the financial year ended March 31, 2022.

The company's sales increased by 22 per cent to 40.70 MT during fiscal 2021-22. NMDC is a central public sector enterprise under the Ministry of Steel.

In the fourth quarter of the financial year ended March 31, 2022, the company's production grew by 12 per cent to 13.84 MT, while the company sales rose to 12.34 MT, posting a year-on-year increase of 12 per cent.

NMDC reported iron ore production of 4.98 MT and sale of 4.21 MT for the month of March 2022. Production increased by 9 per cent while sales rose by 3 per cent in March year-on-year. This is the highest production and sales numbers for any March month in company history.

"NMDC has achieved a record-breaking physical performance for FY22 on the back of a propelling expansion and investment strategy, we are entering the new fiscal with a valuable head start. Our digitalisation drive is beginning to contribute to our improved performance and we are excited to see this transformation in how we do business and share the benefits with our stakeholders," NMDC's chairman and managing director Sumit Deb said in a statement.

"As the Government of India seeks to ramp up the domestic per capita steel consumption in our country, NMDC will take on an enhanced role to strengthen raw material supply and give impetus to self-reliance in the sector," he added.