NMDC in demand after Mar production rises 9% YoY

NMDC gained 1.71% to Rs 169.35 after the PSU miner's iron ore production jumped nearly 9% to 4.98 MT in March 2022 as against 4.57 MT in March 2021.

The company's iron ore sales aggregated to 4.21 MT in March 2022 as against 4.08 MT in March 2021, rising 3.1% year-on-year.

On a sequential basis, the PSU miner's iron ore production rose 15.5% and iron ore sales rose 6% in March 2022 over February 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.

 

The iron ore mining company reported a 2.8% fall in standalone net profit to Rs 2,050 crore in Q3 FY22 from Rs 2,108.9 crore posted in Q3 FY21. Net sales grew by nearly 35% to Rs 5,873.77 crore in Q3 FY22 from Rs 4,355 crore posted in Q3 FY21.

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