NMDC iron ore production rises 8% YoY in Jan'24

The state-owned miner's iron ore production grew by 8.1% to 4.54 million tonnes (MT) in January 2024 as against 4.20 MT in January 2023.

Iron ore sales in the month of January 2024 stood at 4.56 MT, registering a growth of 18.75% as compared to 3.84 MT recorded in the same period a year ago.

Sequentially, the PSU miner's iron ore production grew by 1.34% and iron ore sales increased by 8.83% in January 2024 over December 2023.

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 December 2023, the Government of India held 60.79% stake in the firm.

 

The company reported 15.73% jump in consolidated net profit to Rs 1,025.07 crore on 20.6% increase in revenue from operations to Rs 4,013.98 crore in Q2 FY24 over Q2 FY23.

Shares of NMDC advanced 2.50% to settle at Rs 225.35 on the BSE.

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