Orissa Minerals Development Co tanks after posting dismal Q3 numbers

Orissa Minerals Development Company (OMDC) dropped 5.49% to Rs 5,820.25 after the company reported consolidated net loss of Rs 7.49 crore in Q3 FY25 as against net profit of Rs 2.32 crore posted in corresponding quarter last year.

Total income slipped 25.78% year on year (YoY) to Rs 21.16 crore in the third quarter of FY25.

The firm reported a pre-tax loss of Rs 8.39 crore during the quarter, compared with a pre-tax profit of Rs 2.32 crore posted in Q3 FY24.

Total expenses were up by 12.86% year on year to Rs 29.56 crore in the quarter ended 31 December 2024. Finance cost stood at Rs 6.34 crore (down 13.62% YoY), while employee benefits expense was at Rs 5.66 crore (up 47.78% YoY).

Orissa Minerals Development Company (OMDC), also known as Orissa Minerals, is a public sector undertaking company in the state of Odisha under administrative control of the Department of Steel and Mines, Government of Odisha. It is engaged in the mining and production of iron ore and manganese ore. It is a subsidiary of state-owned Rashtriya Ispat Nigam.

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