NMDC declined 1.22% to Rs 258.50 after the company's 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.
Total income stood at Rs 6,908.37 crore in the fourth quarter of FY24, registering a growth of 18.24% year on year (YoY).
Profit before tax decreased 28.21% YoY to Rs 2,358.88 crore in the quarter ended 31 March 2024.
Total expenses spiked by 19.12% YoY to Rs 4,519.64 crore in March 2024 quarter. Cost of stores & spares was at Rs 284.60 crore (up 57.14% YoY), employee benefits expenses stood at Rs 469.45 crore (up 2.32% YoY) and royalty and other levies was Rs 3,069.04 crore (up 16.96% YoY) during the period under review.
In Q4 FY24, the companys segment revenue from iron ore stood at Rs 6,427.24 crore (up 10.92% YoY) and revenue from pellet, other minerals & services was at Rs 62.07 crore, (up 9.41% YoY).
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On full year basis, the companys consolidated net profit from continuing operations rose marginally to Rs 5,572.24 crore in FY24 over FY23. Total income jumped 23.02% YoY to Rs 22,678.73 crore in FY24.
Meanwhile, the company's board has recommended payment of final dividend of Rs 1.50 per equity share for FY23-24, subject to approval of the shareholders.
Further, the iron ore company announced that it has hiked prices of lump ore and fines, effective from 28 May 2024.
The prices of lump ore (65.5%, 10-40mm) increased by Rs 250 or 4.03%, to Rs 6,450 per ton compared with Rs 6,200 per ton fixed on 27 April 2024.
The prices of iron ore fines (64%,-10mm) jumped by Rs 350 or 6.65%, to Rs 5,610 per ton from Rs 5,260 per ton set on 27 April 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.
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