Union Minister of Steel and Minister of State for Steel visit NMDC

Hyderabad, July 12, 2024: Shri H.D. Kumaraswamy, Honourable Union Minister of Steel and Heavy Industries visited NMDC Head Office in Hyderabad on Thursday along with Shri Bhupathiraju Srinivasa Varma, Honourable Minister of State for Steel and Heavy Industries.

Hon'ble Steel Minister visits NMDC

The Honourable Ministers held a meeting with Shri Amitava Mukherjee, CMD (Additional Charge); Functional Directors and senior officers of the company to review the performance, future roadmap, social initiatives, and challenges faced by NMDC and NSL.

The review meeting included discussions on projects in the pipeline that can set a course for a future driven by excellence, innovation, and sustainability. Appreciating the legacy of NMDC, the Honourable Union Minister of Steel expressed his confidence in the company’s journey to become a Maharatna. Shri H.D. Kumaraswamy encouraged NMDC officers to commit to their goal of 100 million tonnes by 2030, as a tribute to the Honourable Prime Minister’s vision of Viksit Bharat.

Addressing the NMDC employees, Shri Bhupathiraju Srinivasa Varma, Honourable Minister of State for Steel said, the Ministry of Steel is fueling the efforts of Steel PSEs to enhance production and profit. Envisioning a robust industrial ecosystem, he said, NMDC will play a defining role in uplifting the smaller units of the iron and steel industry while meeting the demands from the key players of the sector.

The CMD of India’s largest iron ore producer, Shri Amitava Mukherjee said, “We are honoured to host the Union Minister of Steel and the Minister of State for Steel. NMDC remains steadfast in its commitment to emerge as a global environmentally friendly mining company with a positive thrust on social development. We are foraying towards a future where Indian Mining is synonymous with progress, innovation, and responsibility.”

NMDC delivers strong Q3 and 9M Performance in FY24

  Q3 of CY Vs Q3 of PY Growth 9M of CY Vs 9M of PY Growth
2023-24 2022-23 2023-24 2022-23
Production

 (in Mnt)

12.22 10.66 15% 31.78 26.69 19%
Sales (in Mnt) 11.39 9.58 19% 31.94 25.81 24%
Turnover (Rs. in Crores) 5,410 3,720 45% 14,819 11,816 25%
PBT before exceptional exp. (Rs. in Crores) 2,252 1,217 85% 5,859 4,351 35%
PBT after exceptional exp. (Rs. in Crores) 2,000 1,217 64% 5,607 4,351 29%
PAT  (Rs. in Crores) 1,492 890 68% 4,170 3,252 28%
EBITDA  (Rs. in Crores) 2,366 1,331 78% 6,156 4,657 32%

 Hyderabad, 15 February 2024: Yet again India’s largest Iron Ore Producer, NMDC delivered a strong financial and physical performance in Q3 FY24. Surpassing its previous record, the mining major registered 45% and 64% increase in turnover and PBT (after exceptional expenditure) respectively over CPLY in the third quarter.

Setting new benchmarks with its exceptional performance, NMDC recorded its highest ever production and sales volume with 12.22 MT and selling 11.39 MT in the third quarter of FY24, marking a growth of 15% and 19% in production and sales respectively over corresponding period last year.

NMDC’s turnover and PBT (after exceptional expenditure) for Q3 FY24 is Rs. 5,410 crore and Rs.2,000 crore, with an increase of 45% in turnover and 64% in PBT over CPLY. While the Profit After Tax (PAT) for Q3 FY24 increased by 68% to Rs.1,492 crores.