Hyderabad: In what is seen as a definite signs of the economy looking up, the state-owned miner NMDC -- National Mineral Development Corporation -- has reported a whopping 499 per cent increase in its Profit After Tax (PAT) for the quarter one of 2022 fiscal at Rs 3192 cr against Rs 532 cr PAT in the last corresponding quarter, according to NMDC filing at the BSE. NMDC registered a 236 per cent revenue growth as compared to Q1 of FY 21.
Buoyed by healthy domestic demands and rise in international iron ore prices, this is NMDC’s finest ever Q 1 results. NMDC’s income during the April-June quarter rose to Rs 6,656.30 crore from Rs 2,003.27 crore in April-June 2021, the statement said.
NMDC is a government-owned mineral producer, administered by the Steel Ministry. The company’s sterling performance is credited to the dynamism and vision of CMD. “It is my vision that India should be fully self-sufficient in minerals within next few years. That will be the bedrock of fulfilling our Prime Minister's dream of "Aatma Nirbhar Bharat" and NMDC has a big role to play in achieving this. I want to lay-out five key areas: Keep our people safe; Make NMDC a benchmark company that global industry will look up to; Enhance our production to make India "iron-ore self-sufficient”; Build our people's capability to deliver next wave of growth; Shape responsible social equity,” Sumit Deb, Chairman cum Managing Director of NMDC had said last year. /BI Bureau/
