NMDC iron ore production slides 36% YoY in May'24

The state-owned miner's iron ore production declined by 36.92% to 2.34 million tonnes (MT) in May 2024 as against 3.71 MT produced in May 2023.

Iron ore sales in the month of May 2024 stood at 2.82 MT, registering de-growth of 22.09% as compared to 3.62 MT recorded in the same period a year ago.

Sequentially, the PSU miner's iron ore production slipped by 32.76% and iron ore sales fell by 20.11% in May 2024.

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 March 2024, the Government of India held 60.79% stake in the firm.

 

The companys consolidated net profit from continuing operations declined 37.82% to Rs 1,415.88 crore in Q4 FY24 as compared with Rs 2,277.13 crore recorded in same quarter last year.

The scrip advanced 2.52% to currently trade at Rs 266.70 on the BSE.

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