NMDC Q3 profit grows 29% to Rs 1,897 crore

State-owned NMDC on Thursday reported a 29 per cent rise in consolidated net profit to Rs 1,896.66 crore in the October-December quarter of 2024-25, mainly driven by higher income.

It had reported a profit of Rs 1,492.73 crore in the October-December period of 2023-24.

Total income rose by 21 per cent to Rs 6,942.92 crore in the third quarter of FY25 compared to Rs 5,746.47 crore in the year-ago period, the company said in an exchange filing.

Total production in the quarter rose by 9 per cent to 13.29 million tonnes (MT) over 12.22 MT in the same quarter last year. Sales rose by 5 per cent to 11.94 MT in the December quarter from 11.39 MT in Q3FY24.

NMDC CMD Amitava Mukherjee said, "We have entered the fourth quarter of FY25 on a strong momentum. Despite challenges faced this financial year, NMDC's results remain positive on a sequential basis, strengthening a growth trajectory." For the April-December period, the company's profit rose to Rs 5,055.64 crore, up 22 per cent from Rs 4,155.63 crore net profit in the nine-month period last fiscal.

Income during the quarter rose to Rs 18,001.67 crore from 15,770.36 crore in April-December 2023-24. Production rose to 30.77 MT, up 3 per cent over 31.78 MT in 9MFY24. Sales were also up marginally to 31.74 MT as against 31.94 MT in April-December 2023-24.

Hyderabad-based NMDC, under the Ministry of Steel, is India's largest iron ore mining company. NMDC alone caters around 20 per cent to the country's demand for the key steel making raw material.