NMDC jumps 10% after Q1 result; net profit declines 55% due to lockdown

NMDC's turnover during the first quarter was Rs 1,938 crore compared to Rs 3,264 crore during the corresponding quarter last fiscal.

Shares of NMDC, India's largest iron ore miner, rallied as much as 10 per cent to Rs 105.60 apiece on the BSE on Friday, a day after the company reported its financial results for the quarter ended June 2020 (Q1FY21). 

NMDC's profit after tax (PAT) or net profit for the quarter under review slumped by 55 per cent to Rs 533 crore as both production and sales were impacted due to the Covid-19-induced lockdown, the state-owned miner said on Thursday.

The company had posted Rs 1,179 crore PAT in the corresponding quarter in 2019-20, it said in a release here.