NMDC September sales rises 6% YoY to 2.91 MT

The state-owned miner's iron ore production slipped 1.5% to 2.73 million tonnes (MT) in September 2022 as against 2.69 MT in September 2021.

Iron ore sales in the month of September 2022 stood at 2.91 MT, registering a rise of 6.59% from 2.73 MT sold in Septmeber 2021.

On a sequential basis, the PSU minor's iron ore production increased by 10.08% and iron ore sales declined 2.83% in September 2022 over August 2022.

NMDC is India's single largest iron ore producer, presently producing about 35 million tonnes of iron ore from 3 fully mechanized mines, two located in Chhattisgarh and one in Karnataka. As of 30 June 2022, the Government of India held 60.79% stake in the firm.

The iron ore mining company reported a 54% fall in standalone net profit to Rs 1,469.44 crore in Q1 FY23 as against Rs 3,192.84 crore in Q1 FY22. Net sales was at Rs 4,767.07 crore in Q1 FY23 as against Rs 6,512.21 crore during the same period in the previous year, registering a decline of 26.8%.

Shares of NMDC fell 0.59% to currently trade at Rs 126.95 on the BSE.

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